i will 10 upvotes A charter flight charges a fare of $240 per person plus $5 per person for eachunsold seat on the plane. If the plane holds 134 passengers and if x representsthe number of unsold seats, an expression for the total revenue received for theflight is R(x) = (134-x)(240 + 5x). Determine the number of unsold seats that wilproduce the maximum revenue.A. 48OB. 86OC. 38OD. 43*NK

The objective of the question is to find the number of unsold seats that will produce the maximum…

Answered: A charter flight charges a fare of $240…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Some economists believe that the U.S. economy as awhole can be modeled with the following productionfunction, called the O,bb-Douglas prod11ctio11 Ju11ctio11:Y = AK1/3 L 2/3,where Y is the amount ol outpu~ K is cl,e amount ofcapital, Lis the an10u.nt of labor, and A is a paran,eterthat measures the slate of technology. For this productionfunction, tl,e marginal product of labor isMPL = (2/3) A(K/ L)1/3 ·Suppose that the price of output Pis 2, A is 3, K is1,000,000, and Lis 1,000. The labor market is competitive,so labor is paid the value of its marginal product.a. Calcula te cl,e amount of output produced Y and thedollar value ol output PY.b. Calcula te cl,e wage Wand cl,e real wage W JP. (Note:11,e wage is labor compensation measured in dol•lars, whereas the real wage is labor compensationmeasured in units ol output.)c. Calcula te cl,e labor share (the fraction of the value ofoutpu t that is paid to labor), which is (Wl.)/(PY).d. Calcula te what happens to output Y, the wage W,the…
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45
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Consider an imaginary price index, the Undergraduate Price Index (UPI), created to represent the annual purchases made by a typical undergradute. The following table contains information on the market basket for the UPI and the price of each good in 2020, 2021, and 2022. The cost of each good in the basket as well as the basket’s total cost are given for 2020. Perform these same calculations for 2021 and 2022, and enter the results in the following table. Quantity in Basket 2020 2021 2022 Price Cost Price Cost Price Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Streaming services 1 64 64 104 134 Iced coffees 150 2 300 2 2 Textbooks 10 80 800 85 105 Notebooks 8 2 16 2 4 Energy drinks 40 3 120 4 5 Total cost 1,300 Price index 100 Suppose this price index uses 2020 as the base year. In the last row of the table, calculate and…
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