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CLASS EXERCISE 4.1. ASSESSING FIXED AND VARIABLE COSTS HFA has recently received a contract from the state government to expand its job training program. The program will last for at least one year and will likely continue in the future. The expanded program will need an assistant director to manage the extra work flow; this employee's salary will be $70,000 per year. The estimated rent for a facility to house the program will be approximately $20,000 for the next twelve months. The utilities, insur- ance, and custodial services are estimated to be $10,000 yearly. The facility can accommodate up to one hundred people. The expanded program will also hire extra teachers/trainers, each of whom can teach up to twenty train- ees. The salary for the teachers is $50,000 per year. Each of the program participants will receive a set of textbooks and other teaching materials, esti- mated at $1,000 dollars per person. For simplicity, other potential costs are not considered for this case. What are the program's fixed costs, variable costs, and step costs? What will the total cost of the program be if the program enrolls fifty students? CLASS EXERCISE 4.1. ASSESSING FIXED AND VARIABLE COSTS HFA has recently received a contract from the state government to expand its job training program. The program will last for at least one year and will likely continue in the future. The expanded program will need an assistant director to manage the extra work flow; this employee's salary will be $70,000 per year. The estimated rent for a facility to house the program will be approximately $20,000 for the next twelve months. The utilities, insur- ance, and custodial services are estimated to be $10,000 yearly. The facility can accommodate up to one hundred people. The expanded program will also hire extra teachers/trainers, each of whom can teach up to twenty train- ees. The salary for the teachers is $50,000 per year. Each of the program participants will receive a set of textbooks and other teaching materials, esti- mated at $1,000 dollars per person. For simplicity, other potential costs are not considered for this case. What are the program's fixed costs, variable costs, and step costs? What will the total cost of the program be if the program enrolls fifty students