The table below shows the reservation prices for passengers for American Airlines. Reservation Price Cost Tourist Business Economy 100 120 200 First 150 175 300 2) If American Airlines can identify exactly the type of customer (full information) then how should it charge for a Business traveler and what ticket should it sell him? O $300 for a First Class ticket KO $200 for an Economy ticket O $175 for a First Class ticket $120 tor an Economy ticket KTWont scl Sny ncket

The table below shows the reservation prices for passengers for American Airlines. Reservation Price Cost Tourist Business Economy 100 120 200 First 150 175 300 2) If American Airlines can identify exactly the type of customer (full information) then how should it charge for a Business traveler and what ticket should it sell him? O $300 for a First Class ticket KO $200 for an Economy ticket O $175 for a First Class ticket $120 tor an Economy ticket KTWont scl Sny ncket

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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100 PRICE 90 80 70 60 50 40 30 20 10 Demand 5 10 15 20 25 30 35 40 45 50 QUANTITY Refer to Figure 5-3. Using the midpoint method, between prices of $70 and $80, price elasticity of demand is about O a. 0.40. Ob.0.13. O c. 3.00 O d. 0.33.
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img' (a If po increases, what happens to the demand and supply of public transportation (shifts left/shifts right/doesn’t change) What happens to the equilibrium quantity and price for public transportation? (increase/decrease) (b)At a given price p, as oil becomes more expensive (po increases), does the (own) price elasticity of demand for public transportation increase / decrease / stay the same? (c) Calculate the cross-price elasticity of public transportation demand with respect to the oil price po, at the point p = 1 and po = 2. Are the two goods (public transportation and oil) substitutes or complements, or unrelated?
V. 关 IM * 00 IN L山 Let the price p and demand x for a product be related by a price-demand equation of the form x f(p). Then the elasticity of demand at price p, denote by E(p) is do, bottom = (d) top = [ Select] bottom- [ Select ] arch +Do it F5 F7 F8 Hom F10 F11 F12 6日 చో & * 3. 4. 9. H.
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How do I get the price elasticity number?? and how do I graph it? P Q Price Total Elasticity Revenue $9.00 1 - 9 $8.00 2 16 $7.00 3 21 $6.00 4 24 $5.00 5 25 $4.00 6 24 $3.00 7 21 $2.00 8 16
8 7 2 Marginal revenue MC-AC (A) $920 (A) Seniors B) $580 Senior demand C) $300 D) $280 200 300 Number of meals 10 8 2 Figure 7.6 (B) Non-Seniors Marginal revenue Figure 7.6 shows prices, demands, and cost data for the only restaurant in a small town. Compared to the profit under the single price policy, how much additional profit does the restaurant earn under the senior discount policy of a $7 senior price and a $10 non-senior price? MC-AC Non-Senior demand 320 380 Number of meals
ns g Table 3 Types Hardcover Price Paperback $9.99 Q $27.95 0.5 millions $1.50 AC Option 1: profit- $12.74 O Option 2: profit- $22.74 Option 3: profit $23.74 Option 3: profit- $21.72 O Option 2 profit-$12.735 O Option 1 profit -$13.225 1 millions $1.50 Given the information, the publisher has the following three pricing options: Option 1: Only sell the hardcover at $27.95 Option 2: Only sell the paperback at $9.99 Option 3: Sell hardcover at a price of $27.95 and paperback at a price of $9.99. Given the options, estimated quantities sold at each price and average cost, which price option would generate the most profit and how much is the profit? Search
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