9. Jon quit his job as a manager at West End Savings bank where he earned $112,000 a year. He cashed in $214,000 in corporate bondsthat earned 1.0% interest annually to set up a gym. Jon has decided to buy a store front and set up exercise classes. There are 1400 people who will pay $1200a year for unlimited classes; $850 from each person goes for instructors, maintenance, equipment, insurance, depreciationetc.

show work.

1. What are Jon's total revenues?
2. What are Jon's explicit costs? In numbers
3. What is his accounting profit? Numbers
4. List 2 (in numbers) 2 implicit costs that Jon has not included.
5. What is Jon's pure economic profit (or loss) in numbers?