An airline has two types of passengers business passengers with fairly tight schedules and inelastic demand for airline flights and Vacation passengers with flexible schedules and more elastic demand for airline flights. The tables below show the demand information for both types of passengers and the market demand for a single airline flight

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06-12-2022
Business

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An airline has two types of passengers business passengers with fairly tight schedules and inelastic demand for airline flights and Vacation passengers with flexible schedules and more elastic demand for airline flights. The tables below show the demand information for both types of passengers and the market demand for a single airline flight

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rafikiedu03 rafikiedu03 · Answer 1 · 2022-12-13T02:16:24-05:00

Profit is maximized at the point MR = MC

In case of uniform price is to be charged, equate MR (market) = MC As seen in the given table, this occurs at the point MR = MC = $300 at Q = 50

Thus, total seats sold = 50 at a price of $400

Profit is maximized at the point MR = MC

In case a different price is to be charged, equate MR = MC for each firm

Business Traveler:

As seen in the given table, this occurs at the point MR = MC = $300 at Q = 50 and P = $400

Vacation traveler:

As seen in the given table, this occurs at the point MR = MC = $300 at Q = 50 and P = $350

Maximization is a fashion of choice-making characterized by using searching for the best choice via an exhaustive seek thru alternatives. it's miles contrasted with satisficing, in which people compare alternatives until they locate one that is "excellent sufficient". The difference among "maximizing" and "satisficing" turned into first made through Herbert A. Simon in 1956.[1][2] Simon stated that even though fields like economics posited maximization or "optimizing" because the rational technique of creating selections, people often lack the cognitive resources or the environmental affordances to maximise.

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