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Question: Airlines routinely overbook flights, selling more tickets than seats available. If too many ticketed passengers show up, they offer payments to volunteers who are willing to give up their seats. These take such forms as cash vouchers for future flights and upgrades to first class on the next flight out.
a. Why is this situation more efficient than a simple rule that prohibits airlines from overbooking? (Be sure to say precisely what you mean by efficiency.)
b. Why do you (probably) not object to the airline practice of bribing passengers off the plane, but you (probably) would object if you learned that the airline had bribed a local politician to obtain airport gate space that would otherwise have been used by a competitor?
If Kevin is a rational consumer, where will he choose to operate on this graph? Identify the equilibrium point that maximizes Kevin's net benefits by selecting point A, B, or C.
Using the information in the above graph, write an equation for the demand curve and an equation for the supply curve. Show how you found your answers
what is the meaning of a four-firm concentration ratio? interpret what a four-firm concentration ratio of 60 would
Compute the value of D in the following cash flow diagram, if i = 10% over the 7 years. Use the appropriate gradient and uniform series.
3. The long-run effect of Federal Reserve action (or inaction)in the AD-AS model The following graph shows the short-run aggregate supply (SRAS) and aggregate demand (AD) curves for a fictional economy that is producing at point A (grey star symbol),..
Think of a Coke machine in terms of market economics, that is, as having supply and demand. (You may find it helpful to illustrate for yourself.) Suppose the supply curve is vertical to reflect that the machine gets refilled on some frequency, such a..
The following graph shows two possible increases in the quantity sold as a result of your price cut. Use the information in the graph to calculate the price elasticity between these two prices on each of the demand curves. Use the midpoint formula..
You have been asked to estimate the per unit selling price of a new line of clothing. Pertinent data are as follows.
Determine what price Katrina's Candies should charge in order for the company to maximize profit in the short run. Determine the quantity that would be produced at this price and the maximum profit possible.
The two beverages companies Barnco and Petrico are duopolists who produce identical products. Demand for the beverages is given by the following linear demand functions: P=200-q1-q2, where q1 and q2are the quantities produce by the respective firm..
Your environmental protection organization is concerned about a plan by a private company to strip mine a valley. Advise your organization's President.
The banking system and financial development. Degree of government ownership and control. Degree of globalization and capital control. Degree of globalization of the banking system and capotal market. The housing sector.
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