A regional airline sells 200 tickets to New York City for an average price of $ 200 one way. Half of the people on the flight will purchase a meal for $6. The airline's employee costs per flight include $500 each for the pilot and copilot, and $200 for each flight attendant. The law requires airlines to have at least one pilot, copilot, and flight attendant for each flight. Fuel for the flight is expected to cost $8,000, and the cost of catering food is $1 for each item purchased. V 1st attempt Part 1 (4 points) See Hint The airline earns $ in revenue from tickets and $ from in-flight purchases. If one flight attendant is staffed for the flight, the airline pays $ in fixed costs. If the airline has three flight attendants for the flight, the firm earns $ 24800 profit.Part 2 (4 points) See Hint What happens to profit in each of the following scenarios, given the information in Part 1 above? Scenario Change in Profit 1. An unexpected fuel shortage results in an increase in the price of fuel for the foreseeable future. 2. A large conference is announced in New York, which results in an increase in demand for seats on flights to New York. 3. A competing airline opens a route, which increases the supply of flights to New York City. 4. The pilots' union negotiates higher wages for pilots and copilots