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Sagot :
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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