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Cebu Pakpak is a national airline providing shuttle between different destinations in the country and abroad. An analysis of the monthly demand for service has revealed the following demand relation Q = 26000 – 500P – 250P OG + 200I B – 5000S Where Q is quantity measured by the number of passengers per month, P is price (P), P OG is a regional price index for other consumer goods, I B is an index of business activity, and S, a binary or dummy variable, equals 1 in summer months and 0 otherwise. a. Determine the demand curve facing the airline during the month of December if P OG = 4 and I B = 250. b. Determine the demand curve facing the airline, quantity demanded, and total revenues during the summer month of April if P=P100 and all other price-related and business activity variables are as specified previously.
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