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Shtirlitz [24]
2 years ago
13

A travel website sells tickets to a city for two airlines. Among those buying tickets, 20% fly airline A, and 80% fly airline B.

If the price of a ticket is $600 for airline A and $360 for airline B, what is the expected revenue of an airline ticket sold by this travel website? (Note: Airline A has much more desirable departure times than Airline B, so it charges more.)
Mathematics
1 answer:
Naddika [18.5K]2 years ago
7 0

Answer:

The expected revenue of an airline ticket sold by this travel website is $408

Step-by-step explanation:

For the revenues per ticket we have;

airline A; 600

airline B; 360

For the probability of choosing the airlines we have;

airline A; 20% = 0.2

airline B; 80% = 0.8

Therefore, the expected revenue of an airline ticket sold by this travel website is;

600(0.2) + 360(0.8) = 408

Therefore, the expected revenue of an airline ticket sold by this travel website is $408

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Answer:

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Step-by-step explanation:

Using the mid-point method

Cross-price Elasticity of Demand = <u>% change in Quantity demanded of UPS</u>

                                                          % change of price of FedEx

%change in Quantity demanded of UPS

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                                                                     (Q1+Q2)÷ 2

                                      = <u>1.3-1.2           </u>   × 100

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                                     = <u>0.1      </u> × 100

                                       1.25

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% change in price of FedEx

using midpoint method    =<u> P2-P1            </u>× 100

                                             (P1+P2)÷ 2

                                          =<u> 75-65           </u>× 100

                                            (65+75)÷2

                                          =<u> 10  </u>   × 100

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Cross-price Elasticity of Demand =  8% ÷ 14.28%

using midpoint method                = 0.56

             

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