You have decided to take your daughter skiing in Utah. The best price you have been able to find for a roundtrip air ticket is $359. You notice that you have 20,000 frequent flier miles that are about to expire, but you need 25,000 miles to get her a free ticket. The airline offers to sell you 5,000 additional miles for $0.06 per mile. Required:
a. Suppose that if you don't use the miles for your daughter's ticket they will become worthless. What should you do?
b. What additional information would your decision depend on if the miles were not expiring? Why?
c. Suppose that if you don't use the miles for your daughter's ticket they will become worthless. What should you do? By purchasing the miles, you will $.

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.