The Lucitona International Airport Operates 24 Hours a Day, Seven

question 79

Multiple Choice

The Lucitona International Airport operates 24 hours a day, seven days a week. On an average, the airport handles 4900 flights per week. Which of the following indicates the average productivity of the airport?

• A) 204 flights per hour
• B) 700 flights per day
• C) 102 flights per hour
• D) 350 flights per day

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Definitions:

Implicit Costs

The opportunity costs that are not directly paid for in dollars but represent the loss of benefits from the next best alternative when resources are not used in their best alternative use.

Mental Accounting

A concept in behavioral economics where individuals categorize and treat money differently depending on its source, intended use, or other psychological factors.

Irrational Behavior

Actions or decisions that do not logically follow from a rational analysis of the situation.

Misperception

A misunderstanding or incorrect interpretation of a situation, often leading to erroneous decisions or beliefs.