ECO206Y1 Lecture : ECO206_Fall10-11_Lec.4

Part (d) [2 MARKS] Complete method __init__ in class Flight: def __init__(self, plane): (Flight, Airplane) -> None Type Create a Flight with an empty passenger list on airplane plane. >>> a = Airplane ('Boeing 747', '19643', 366, 45267.7) >>> f = Flight(a) >>> str(f.airplane) 'Airplane (Boeing 747, 19643, 366, 45267.7) >>>> f.passengers

33. At the current level of output of a firm, we know that P = MR-MC>AC>AVC>0. What can we tell about the elasticity of demand (Ep) for the output of this entire industry at this output? (A) Ep > 5.0 (B) ED > 2.0 (C) ED > 1.0 (D) Ep = 1.0 (E) ED < 1.0 (F) Ep < 0.0 (G) elasticity is infinite (TT) X is not possible to tell anything about the elasticity of demand W none of the above (J) all of the above

23) In which one of the following situations will a perfectly competitive firm make an economic profit? A) MC > AVCB) MR > ATC ATC > MR D) MR > AVCE) ATC > MC