Word: ec
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Dates: during 1960-1969
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...said William Rogers last week after North Korean MIGs shot down a Navy EC-121 reconnaissance plane. The Secretary of State's observation was precisely to the point. The attack was the second atrocity perpetrated by North Korea in 15 months. Again the U.S. found it prudent not to strike back, and this time 31 Americans were dead. There was anger and embarrassment in the Pentagon at this new humiliation. On Capitol Hill, Mendel Rivers, chairman of the House Armed Services Committee, proclaimed: "There can be only one answer for America-retaliation, retaliation, retaliation!" But the predominant reaction...
...ECONOMICS of the airline industry are complex, but if you remember any Ec 1 at all you can understand the pricing policy pursued. By far the largest group of passengers are businessmen, who account for 40 to 60 per cent of all passenger seatmiles flown. Demand for air travel in this group is relatively inelastic: even a sharp reduction in fares would not substantially increase the number of businessmen who fly--and it would definitely lose money for the airlines...
...profitable level. At the same time, of course, they want to encourage more people to fly. Lower fares can greatly increase the numbers of non-businessmen using the airlines--grandmothers, students, housewives and virtually every middle-class group in society has a very elastic demand for air travel. In Ec 1 terms, the airlines know that through fare discrimination--one fare for the elastic sector and one for the inelastic business sector--they can greatly increase both their profits and the number of people...
...blame for this situation can be placed on two undefeated teams, and Harvard Stadium, which seats only 40,000. Despite the fact that many students are being led into wallowing sin, observant Ec 1 students are getting a good look at how a good capitalist system works...
...last week in Madrid, nature followed art in one man's brave and ec centric act of self-fulfilling prophecy. Precisely at noon on Sunday, 42-year-old Gonzalo Arias hung a brace of white posters over his shoulders and began to stroll down thronged Calle de la Princesa. The message, in black letters fore and aft, was simple: "In the Name of the Spanish People, I respectfully ask that free elections be held for the head of state." It was not the sort of thing that happens every Sunday afternoon in Spain, and heads spun as Arias paraded...