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Discussion Questions
1. What is the distinction between marginal cost and incremental cost? (b) How are sunk costs treated in managerial decision-making? Why?
2. What are the aim, usefulness, and shortcomings of (a) cost- volume- profit analysis and (b) the concept of operating leverage?
Problems
3. Airway Express has an evening flight from Los Angeles to New York 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 New York overnight is $1,200 and would be zero in Los Angeles. The airline is contemplating eliminating the night flight out of Los Angeles and replacing it with a morning flight. The estimated number of passengers is 70 in the morning flight 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 costs for the plane are $3,000 per day whether it flies or not. (a) Should the airline replace its night flight from Los Angeles with a morning flight (Calculate and compare the profit under each flight)? (b) Should the airline remain in business (is asking: should Airway Express continue providing the flight between Los Angeles and New York? Even if Airway Express decides not to fly, it still has to pay the fixed costs of $3,000 per day. The evening flight with the return flight the next afternoon is counted as 1 day, not 2 days)?
W(sub)a= 1/a1(Y1)+1/a2(Y2)+1/a3(Y3)+1/a4(Y4) where a(i) are the constants. a) What restriction on the ai is needed for Wa to be an unbiased estimator of mu? b) Find the variance of Wa.
Inflation and unemployment-Suppose that, in an attempt to combat severe unemployment, the government decides to increase the amount of money in circulation in the economy.
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
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