04 Jun Question Suppose there is only one airline company that
Question
Suppose there is only one airline company that flies from New York to Florida. And the demand for a round-trip ticket is given by P=600-4Q, where Q is the amount of tickets purchased during one day. The total cost of flying from New York to Florida is C(Q)=20,000+8Q. The implied marginal cost is $8 per passenger.
1. Write down the marginal revenue curve faced by the airline company. Illustrate the demand and the marginal cost curve below.
2. How many tickets should the airline company sell per day to maximize its profit? Show Work.
3. What price should the airline company charge to maximize its profits? Show Work
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