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The year is 2020 and the U.S. airline industry has been radically transformed through a recent wave of mergers. Only one company, MONO Airlines, has managed to survive the succession of price wars, labor-management disputes, and government policy reversals that plagued the industry in previous years. MONO now seeks to make the most of its exclusive hold on the market. To that end, it adopts a new slogan, "Fly MONO - or Walk," and then hires you as a consultant to offer advice on its pricing policy. Specifically, MONO asks you for advice on how much to charge for its one-way flight from Boston to New York City. You are informed that the one-way marginal cost for each passenger is $40. You are also told that there are two types of customers: well-paid business executives, and less-advantaged students and tourists. The demand by each of these types of customers is shown in the table. One-Way Trips Demanded Per Year (in Thousands) Price of One-Way Ticket Executives Students/Tourists $140 0 0 $130 8 0 $120 9 1 $110 10 2 $100 11 3 $90 12 4 $80 13 5 $70 14 6 You recommend that MONO charge different prices to the two different customers groups. If MONO charges different fares, what fare would maximize the profit earned from each customer group?
Assume that current wind farms produce 2.5 W/m2. Succinctly explain whether you would expect the average power per square meter of wind farms to rise or fall as the production of wind energy expands to, say, 10% of our primary energy consumption...
Ethanol can be produced from either sugar or corn. A gallon of ethanol cost 90¢ to produce from Brazilian sugarcane and $1 to produce from U.S.corn. The U.S. Department of Agriculture expects 20 percent of the corn harvest to be used to produce et..
Suppose that a firm sells in a highly competitive market, in which the going prince is $15 per unit. its cost equation is c=$25+.25Q^2 find the profit-maximizing level of out put for the firm. determine its level of profit.
The demand for Wanderlust Travel Services (X) is estimated to be Qx = 22,000 - 2.5Px + 4Py - 1M + 1.5Ax, where Ax represents the amount of advertising spent on X and the other variables have their usual interpretations. Suppose the price of good X..
Assume the market is characterized by a Cournot oligopoly. Determine the reaction function of each firm. Determine the equilibrium output level for each firm. Determine the equilibrium market price. Determine the market output. Determine the market p..
In the Keynesian cross, assume that the consumption function is given by: C=200+0.75 (Y-T). PLanned investment is 100, government purchases and taxes are both 100. a. Graph planned expenditure as a fraction of income. b. What is the equilibrium lev..
GKX Industries expects sales of its hydraulic seals (in inches and metric sizes) to increase according to the cash flow sequences $70+4k, where k is in years and cash flow is in $1000. What is the amount of the cash flow in year 3
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor fo..
This answer give vital hints on why the Federal Reserve establish general and specific rates of interest. This explains the recent tools the Federal Reserve has used to influence the United States economy.
Modifying a product to increase its "value added" benefits customers and can enhance supplier profits. For example, suppose an improved version of a product increases customer value added by $25 per unit. (In effect, the demand curve undergoes a p..
(1) consumption = $400 billion; (2) investment = $40 billion; (3) government purchases = $90 billion; and (4) net exports = $25 billion. If the full employment level of GDP for this economy is $600 billion.
A professor is retiring and wants to endow a faculty position in his honor. It is expected that the endowment will need to cover an annual cost of $100,000. What lump sum must he donate to the university if the endowment will earn 10% interest
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