Question: 1) Define and compare historical, replacement, and sunk costs. 2) Define peak-load pricing and provide at least two examples. 3) What is the main problem

1) Define and compare historical, replacement, and sunk costs.

2) Define peak-load pricing and provide at least two examples.

3) What is the main problem with average cost pricing?

4) Discuss the advantages and disadvantages of price discrimination for airlines and passengers.

5) Suppose JetBlue raises the ticket price by 6% and the ASM decreases by 3%.Is the price elasticity of supply elastic, unit elastic, or inelastic? Why?

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