1.) With an economic perspective write a briefsummary of the current event article (5 sentences) - TheWashington Post "Coming Soon to an Airport New You - Flight Delays" XXXXXXXXXX 2.) Write your...

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1.) With an economic perspective write a brief summary of the current event article (5 sentences)



- The Washington Post


"Coming Soon to an Airport New You - Flight Delays" 4-19-2013





2.) Write your opinion and application of this article to your life
(5- 7 sentences).


1. Describe the welfare costs of a monopoly. (5 pts)


2. Discuss the regulator organizations that monitor anti-trust inAmerica. Name these organizations and their functions. (15 pts)


3. Summarize in 100 to 150 words the concept of determining labor market equilibrium from the following Web site: (5 pts)


Labor Market Policies


http://info.worldbank.org/etools/docs/library/75867/dc2003/proceedings/pdfppt/concepts.pdf


4. Summarize in 100 to 150 words the elements that determine the minimum wage inAmerica from the Web article: (5 pts)


Minimum Wage Facts at a Glance



http://books.google.com/books?id=gzurqlZpyfcC&lpg=PR5&ots=KqbMDCBoeZ&dq=elements%20that%20determine%20minimum%20wage%20in%20america&lr&pg=PR5#v=onepage&q&f=false



5. Define a monopsony market for labor. Is it a wage maker or taker? What does the supply curve look like and why? Discuss the relationship between the marginal labor costs and wage rates. What determines the amount of labor that a firm hires? (5 points)



6. Name and discuss the different types of labor unions. Be sure to include specifics. (5 points)



Answered Same DayDec 22, 2021

Answer To: 1.) With an economic perspective write a briefsummary of the current event article (5 sentences) -...

Robert answered on Dec 22 2021
109 Votes
1. As part of Federal funding cut The Department of Transportation needs
to cut $1 billion from its budget of which 60% to 65%has to come from Federal
Aviation Administration. The FAA intends to achieve it through
cutting the
employment because agency's budget is dominated by salary. As part of this
budget cut programme, air traffic controllers has to take unpaid leaves. Planes
will have to take off and land less frequently so as not to overload the remaining
air traffic controllers on duty. This has caused wide spread delay in flight arrival
and take off. If the flight disruption continues for long frequent travellers like
business executives will find other alternative like electronic communication or
they will cancel their trips. This will severely impact the travel industry in
particular and economy as general.
2. Flight delay is a serious and widespread problem in the United States.
Increasing flight delays place a significant strain on the US air travel system and
cost airlines, passengers, and society many billions of dollars each year. A study
conducted for Aviation Operations Research by the National Centre for
Excellence estimated that the total cost of all US air transportation delays in
2007 was $32.9 billion. As per this the present flight delay will cost the nation
anywhere between $30 billion to $35 billion. In addition to this direct cost to the
aviation industry flight delay will have indirect economic impact on the U. S.
Economy. The same study estimated $4 billion reduction in U.S GDP in 2007
due to flight delay.
1. Value of goods to the consumers is represented by the demand curve and
cost to the monopolist is reflected by marginal cost curve. The socially efficient
quantity is where the demand curve and marginal cost curve intersect. Left side
of this intersecting point, increasing the total quantity will increase total surplus
because value to consumers are more than marginal cost to monopolist for
producing the output. As MC exceeds marginal benefit to consumers above this
level of output decreasing output would increase total surplus. A monopolist
firm produce and...
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