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Explain why frequent-flier programs (in which airlines give credits, convertible into travel awards for each mile traveled) might reduce competition among airlines. Put yourself in the role of consultant to one of the airlines in the days before any airline had such programs. Would you have recommended that the airline adopt the program? What would you have assumed about the responses of other airlines? Would this have been important to your assessment?
What is the cost function, marginal cost function, and average cost function for each plant? b) What is the efficient scale and minimum average cost for each plant? c) What is the cost function for the firm?
A competitive firm uses a single input x to produce its output y. The firm's production function is given by y = x3/2 for quantities of x between 0 and 4. For quantities of a greater than 4, the firm's output is y = 4 + x.
Plant A is much more highly automated than plant B, which in turn is more highly automated than plant C. For each type of plant, average variable cost is constant so long as output is less than capacity, which is the maximum output of the plant.
Finally-and this is a stretch question-if you were a monopolist facing a downsloping demand curve, which portion of the curve would you strive never to be in In other words, you can choose any price and output combination you want.
Two types of power converters are under consideration for a specific application. An economic comparison is to be made using a MARR of 20% and the following cost estimates: Data Alpha Beta Service life (years) 5 9
Solve again for the price that the consumer pays
Which of the four properties outlines in Section 6.3 would such indifference curves violate?
Rubinland is a small island economy that has no taxes, no transfer payments, no government purchases, no exports, and no imports. Rubinland's economy is represented by the following equations: C = 5,000 + 0.6Y I = 5,000 where C represents consumpti..
a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market b. If the actual price in this market were ABOVE equilibrium price, what would drive the price toward the equilibrium
Alvin wants tostart college and have $12,000 available to buy a used car when he graduates in 4 years. Alvin wants to buy a new computer, software, and peripherals now, and he earns nominal interest rate 3% compounded yearly.
The Do-Drop-Inn, Inc., provides vacation lodging services to both family and senior citizen customers. Yearly demand and marginal revenue relations for overnight lodging services, Q, are as follows: Family PF = $40 - $0.0004QF MRF = $40 - $0.0008Q..
Poisson Distribution (8 pts.) 911phone calls arrive at the rate of 30 per hour at the local call center. a. Find the probability of receiving more than two calls in a five-minute interval of time. b. Find the probability that the number of calls.
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