Sam quits his job as an airline pilot and opens his own pilot training school. He was earning 40,000 as a pilot. He withdraws 10,000 from his savings where he was earning 6 percent interest and uses the money in his new business. He uses a building he owns as a hanger and could rent it out for 5,000 per year. He rents a computer for 1,200, buys office supplies for 500, rents an airplane for 6,000 . pays 1,300 for fuel and maintenance, and hires one worker for 30,000 . Sam's total revenue from pilot training classes equaled 90,400 . Sam's implicit costs for this year are equal to:
a. 84,400.
b. 39,000.
c. 55,000.
d. 45,600.
e. 40,000.
Question 2
An economic variable that measures something at a particular point in time is called a _____.
a. stock variable
b. periodic variable
c. dummy variable
d. flow variable
e. constant variable
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