The reason that the elasticity of demand is 0.62 for business and 0.12 for economy is because the economy class is more elastic than that of the business.
When the flight ticket of those flying business class is raised, they would not be affected much because they are rich and can afford it. They do not care much about the raise in price.
For the average flyer using the economy flight, raising the price of the ticket would affect him and he may end up reducing his demand for it.
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D) All states have a flat state tax.
Answer:
$80 lost for not working
Explanation:
Opportunity cost refers to the sacrificed benefits as a result of preferring on a particular option over another. As people make choices, the forfeit one option in favor of another. Opportunity cost is the missed value of the next best alternative.
For John, he has a choice between working or going to the concert. He has two tickets worth $50. Working would mean her twice her regular income, which is $20 per hour. If he works for four hours, his total earning will be $80. If John chooses to go to the concert, he will miss the opportunity to earn $80. The opportunity cost will be the missed $80 that he would have received from working.
Answer:
The correct total time is nineteen (19) days instead of twenty-one days.
Explanation:
Given the analysis of time for the project in parenthesis, it is feasible to merge some of the activities together by carrying them out simultaneously.
For example:
In the course of arranging and confirming the training facility to use which will last for 3 days, the development of the training material that ought to last for 5 days is brought down to a 2 days work because the initial 3 days for arrangement becomes vacant pending the reply on the final day. This brings the total days from 8 to 5.
Other days remain thus:
• Send an e-mail message to all department managers (1 day)
• Print copies of handout (2 days)
• Develop a set of PowerPoint slides (5 days)
• Conduct a practice training session with the instructor (2 days)
• Conduct the user training sessions (4 days).
Hence, total days are as follow:
5 +1 + 2 + 5 + 2 + 4 = 19 days.
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