The technological progress in the modern airline from the airline of 1960s. Concept Introduction: Economic Growth : The economy is said to be growing when there is increase in the production of goods and services per head, when certain time period is compared to another time period.

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Answer 1

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 9, Problem 1QFT

To determine

The technological progress in the modern airline from the airline of 1960s.

Concept Introduction:

Economic Growth:

The economy is said to be growing when there is increase in the production of goods and services per head, when certain time period is compared to another time period.

Expert Solution & Answer

Explanation of Solution

In the given case, with the technical progress the fares have reduced to one-third as compared to fares of 1960s, after making adjustments for inflation.

The modern jet airline uses less than one-third of fuel used in airlines of 1960s, so it can be said that modern airlines are comparatively more fuel efficient.

Various variability’s are also there in the engine as modern engines are high-bypass engine, with engine there is also change in the usage of raw material and because of this the airframes are comparatively lighter.

However, the modern airways do pretty much same thing as compared to the airliners of 1960s but there is lot difference in technology, which is not viewed by the people.

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Please answer questions D-H, I have already answered A , B,C but it may help you to still solve them yourself. Thank you!

2. A firm’s production function is given by:Q = 10KLThe unit capital and labour costs are 2 and 1 pounds respectively. The firm is contracted to produce2000 units.(a) Write out the optimisation problem of the firm. (b) Express this problem using a Lagrangian function. (c) Find values of K and L which fulfil the contract with minimal cost to the firm. (d) Calculate the total cost to the firm.

3. Consider the following estimated regression equation, estimated using a sample of firms, where RDis total firm spending on research and development in USD ($), Revenue is total firm revenuein USD ($), and W ages is the firms’ total spending on wages in USD ($) (standard errors inparentheses):RDd = 1000(600)+ 0.5(0.1)Revenue + 1.5(0.5)W ages,(a) Interpret the coefficients on each of the explanatory variables. (b) Which of the three coefficients are statistically significant at the 5% level of significance? Howdo you know? A researcher runs a two-sided statistical test of the null hypothesis that both the coefficients onthe explanatory variables above are jointly equal to 0.25 (mathematically, that β1 = β2 = 0.25),and reports a p-value of 0.045.(c) What does this p-value mean for the outcome of the test? (d) What would an appropriate two-sided alternative hypothesis look like?

Answer 2

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 9, Problem 1QFT

To determine

The technological progress in the modern airline from the airline of 1960s.

Concept Introduction:

Economic Growth:

The economy is said to be growing when there is increase in the production of goods and services per head, when certain time period is compared to another time period.

Expert Solution & Answer

Explanation of Solution

In the given case, with the technical progress the fares have reduced to one-third as compared to fares of 1960s, after making adjustments for inflation.

The modern jet airline uses less than one-third of fuel used in airlines of 1960s, so it can be said that modern airlines are comparatively more fuel efficient.

Various variability’s are also there in the engine as modern engines are high-bypass engine, with engine there is also change in the usage of raw material and because of this the airframes are comparatively lighter.

However, the modern airways do pretty much same thing as compared to the airliners of 1960s but there is lot difference in technology, which is not viewed by the people.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 9, Problem 1QFT

To determine

The technological progress in the modern airline from the airline of 1960s.

Concept Introduction:

Economic Growth:

The economy is said to be growing when there is increase in the production of goods and services per head, when certain time period is compared to another time period.

Expert Solution & Answer

Explanation of Solution

In the given case, with the technical progress the fares have reduced to one-third as compared to fares of 1960s, after making adjustments for inflation.

The modern jet airline uses less than one-third of fuel used in airlines of 1960s, so it can be said that modern airlines are comparatively more fuel efficient.

Various variability’s are also there in the engine as modern engines are high-bypass engine, with engine there is also change in the usage of raw material and because of this the airframes are comparatively lighter.

However, the modern airways do pretty much same thing as compared to the airliners of 1960s but there is lot difference in technology, which is not viewed by the people.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 9, Problem 1QFT

To determine

The technological progress in the modern airline from the airline of 1960s.

Concept Introduction:

Economic Growth:

The economy is said to be growing when there is increase in the production of goods and services per head, when certain time period is compared to another time period.

Expert Solution & Answer

Explanation of Solution

In the given case, with the technical progress the fares have reduced to one-third as compared to fares of 1960s, after making adjustments for inflation.

The modern jet airline uses less than one-third of fuel used in airlines of 1960s, so it can be said that modern airlines are comparatively more fuel efficient.

Various variability’s are also there in the engine as modern engines are high-bypass engine, with engine there is also change in the usage of raw material and because of this the airframes are comparatively lighter.

However, the modern airways do pretty much same thing as compared to the airliners of 1960s but there is lot difference in technology, which is not viewed by the people.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 1QFT

To determine

The technological progress in the modern airline from the airline of 1960s.

Concept Introduction:

Economic Growth:

The economy is said to be growing when there is increase in the production of goods and services per head, when certain time period is compared to another time period.

Expert Solution & Answer

Explanation of Solution

In the given case, with the technical progress the fares have reduced to one-third as compared to fares of 1960s, after making adjustments for inflation.

The modern jet airline uses less than one-third of fuel used in airlines of 1960s, so it can be said that modern airlines are comparatively more fuel efficient.

Various variability’s are also there in the engine as modern engines are high-bypass engine, with engine there is also change in the usage of raw material and because of this the airframes are comparatively lighter.

However, the modern airways do pretty much same thing as compared to the airliners of 1960s but there is lot difference in technology, which is not viewed by the people.

Answer 6

Chapter 9, Problem 1QFT

To determine

The technological progress in the modern airline from the airline of 1960s.

Concept Introduction:

Economic Growth:

The economy is said to be growing when there is increase in the production of goods and services per head, when certain time period is compared to another time period.

Expert Solution & Answer

Explanation of Solution

In the given case, with the technical progress the fares have reduced to one-third as compared to fares of 1960s, after making adjustments for inflation.

The modern jet airline uses less than one-third of fuel used in airlines of 1960s, so it can be said that modern airlines are comparatively more fuel efficient.

Various variability’s are also there in the engine as modern engines are high-bypass engine, with engine there is also change in the usage of raw material and because of this the airframes are comparatively lighter.

However, the modern airways do pretty much same thing as compared to the airliners of 1960s but there is lot difference in technology, which is not viewed by the people.

Answer 7

Chapter 9, Problem 1QFT

To determine

The technological progress in the modern airline from the airline of 1960s.

Concept Introduction:

Economic Growth:

The economy is said to be growing when there is increase in the production of goods and services per head, when certain time period is compared to another time period.

Answer 8

Expert Solution & Answer

Explanation of Solution

In the given case, with the technical progress the fares have reduced to one-third as compared to fares of 1960s, after making adjustments for inflation.

The modern jet airline uses less than one-third of fuel used in airlines of 1960s, so it can be said that modern airlines are comparatively more fuel efficient.

Various variability’s are also there in the engine as modern engines are high-bypass engine, with engine there is also change in the usage of raw material and because of this the airframes are comparatively lighter.

However, the modern airways do pretty much same thing as compared to the airliners of 1960s but there is lot difference in technology, which is not viewed by the people.