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Problem 3:Airway Express has an evening flight from LA to NY with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers. The plane makes no other trip. The charge for the plane remaining in NY overnight is $1,200 and would be zero in LA. The airline is contemplating eliminating the night flight out of LA and replacing it with a morning flight. The estimated number of passengers is 70 in the morning and 50 in the return afternoon flight. The one-way ticket for any flight is $200. The operating cost of the plane for each flight is $11,000. The fixed cost for the plane is $3,000 per day whether it flies or not. a)Should the airline replace its night from LA with a morning flight? b)Should the airline remain in business? Instructor instructions: (a) calculate and compare the profit under each flight & (b) the evening flight with the return flight the next afternoon is counted as 1 day, not 2 days.
How much should this firm produce now, and what price should they charge? Explain, calculating total profit or loss earned at this quantity.
Select any industry with which you are familiar. Make a graph of this market in equilibrium. Provide 2-examples for industry of conditions which would change supply and two that would change demand.
What is the highest profit or lowest loss availability to this firm? c. Should this firm operate or shut down in the short run? Why? d. What is the relationship between marginal revenue and marginal cost as the firm increases output?
a. How many different possible dial combinations are there for this lock b. What is the probability that if you randomly select a posi- tion on each dial, you will be able to open the bank vault c. Explain why "dial combinations" are not mathematical..
Comment on the acceptability of the model's ability to pick up the systematic variation in your Fit period actual data and develop a one year forecast
consider the following cobb-douglas production function for the bus transportation system in a particular cityq alb1
according to the rule for optimal input usage a firm should hire a person as long as her marginal revenue product is
An inflation shock is a disturbance to the usual behavior of inflation that shifts the IA line. A supply shock is a change in the natural rate of output. Graph the long and short run effects of a positive inflation shock and a negative supply shoc..
in a competitive market the market demand is qd 400 - 5p and the market supply is qs 10p - 80. a price ceiling of 32
Describe the industry and explain the general pattern of change of the particular market model and hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a "market economy."
consider how unemployment would affect the solow growth model. suppose that output is produced according to the
What effect should each of the following have on the demand for gasoline in a competitive market? State what happens to demand. Explain your reasoning in each case and relate it to a demand determinant. (a) an increase in the number of cars (b) ..
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