Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table pro

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Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Number of Passengers 0 10 20 30 40 50 60 70 80 90 100 Total Cost (Dollars per flight) 40,000 60,000 65,000 68,000 70,000 71,000 72,500 73,500 74,000 74,300 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is $
At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price (Dollars per ticket) 1,000 700 400 200 Quantity Demanded (Tickets per flight) 0 30 90 100
Complete the following table by computing total revenue, total cost, variable cost, and profit for each of the prices listed. (Hint: Be sure to enter a minus sign before the number if the numeric value of an entry is negative.) Total Price (Dollars per ticket) 1,000 700 400 200 Revenue (TR) (Dollars) 0 Total Cost (TC) (Dollars) 40,000 Given this information, the profit-maximizing price is Variable Cost (VC) (Dollars) 0 per ticket, and Profit (TR-TC) (Dollars) -40,000 seats out of 100 will be purchased. In this case, which of the following statements are true about the market at this price-quantity combination? Check all that apply. Price is greater than average total cost. Total revenue is greater than variable cost. The airline is operating at too big a loss and should, therefore, cancel this flight. Profit is negative.
If fixed cost increases to $59,500, does this change the production decision of the airline in the short run? Yes No True or False: The decision to operate a flight in the short run depends on the relationship between total revenue and variable cost. True False