British Airways
After twenty-four years of accident-free service, will the flight choice of the rich and famous be grounded forever? That is what authorities are now trying to figure out as they are finally collecting the final evidence in the crash of the Concorde in late July. The world's fastest passenger aircraft crashed and went into flames near the Charles de Gaulle airport in Paris, France. One hundred and nine passengers and four people on the ground died due to the crash. And now British Airways, Air France, and the rest of the world are asking themselves why. Due to the crash, the Concorde's airworthiness certificate was withdrawn last month and all thirteen of the Concordes, owned by British Airways and Air France, were grounded. The Civil Aviation Authority, the British safety regulator, grounded these supersonic transport jets indefinitely. Just how superior is the Concorde compared to other airlines? The Concorde makes flights only over the Atlantic Ocean from Paris or London to New York. The average speed of the Concorde is approximately 1,350 miles per hour at almost 60,000 feet. The average flight time is about three and a half hours, compared to that of regular plane at almost eight hours.
The thirteen Concordes are sufficiently unique and one of a kind. 85 (575 mph)Cruising Altitude 55,000 feet 35,000 feetAverage Flying Time from Paris to New York 3 hours and 45 minutes 7 hours, 55 minutesAverage Cost of one Paris-New York round-trip ticket $9,000 $900 for coach$3,800 for business classFares can varyAircraft in service 12 524 (480 are passenger)*Courtesy of CNN. However, if they sell their tickets at a higher price, they only have to sell about half of their tickets to break even. Surprisingly, the July 25 crash was not the first mishap for these unique birds. So the opportunity cost of flying the Concorde is the money you could have spent on a regular flight. In order to compensate for the initial loss, British Airways must charge a much higher price per ticket than other airlines. They are apprehensive whether or not the usual passengers on the airline will continue to buy tickets on the previous "world's safest passenger plane. " If it is no longer safe, people may rightfully assume that they don't need to pay such a high price for a plane that is not safe. However, the Concordes have actually created a natural monopoly. If in the longrun there is no profit gained and the demand for the tickets are low, they should definitely get out. This graph represents the outcome of the competitors' airplanes after the crash of the British Airways' Concorde. Even though you are paying more money for an individual ticket compared to regular flights, you are getting there in half of the time. A natural monopoly occurs because of an expense a product creates on a firm. The assembly lines to repair these exclusive jets had been shut down, making spare parts and major repairs challenging. A 17-inch piece of metal may have caused the front lefthand tire to burst and caused pieces of the tire to puncture the fuel tanks and to cause a major kerosene leak and fire.
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