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EBK ECONOMICS
4th Edition
ISBN: 8220101443649
Author: KRUGMAN
Publisher: YUZU
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Question
Chapter 24, Problem 1BCQ
To determine
The technological progress of a modern jet airliner compared to airliners made in the times of 1960s.
Concept Introduction:
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Explanation of Solution
- In the given case, with the technical progress the fares have reduced to one-third compared to fares of 1960s, after making adjustments for inflation.
- The modern jet airline uses less than one-third of fuel used in airlines of 1960s, so it can be said that modern airlines are comparatively more fuel efficient.
- Various variabilities are also there in the engine as modern engines are high-bypass engine, with engine there is also change in the usage of raw material and because of this the airframes are comparatively lighter.
- However, modern airways do pretty much the same thing compared to the airliners of 1960s but there is a huge difference in technology, which is not viewed by the people.
Conclusion:
Thus, people do not view difference in technology and think that there is no technological progress.
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