Please read the short questions and provide your answers 1. LCCs have the seven features that distinguish them from legacy (full service) carriers. However, the distinction between LCCs and legacy carriers is less concrete today than it was in years past. For example, the LCCs recently provide loyalty programs just like legacy carriers. Discuss recent business practices of legacy carriers that are similar to LCC characteristics. 2-3. Airline managers estimate the relationship between air travel demand (D) and price (p) as follows: D = 1,000 - 0.5p, where D is the number of seats. 2. Based on a market survey, airlines revenue can be maximized when price = $1,000 for a single-price strategy. Calculate the total revenue of the airline and the consumer surplus if the airline uses a uniform pricing strategy 3. The airline changes from the single-price strategy to a three-tier pricing strategy ($1,000 for 300 seats; $1,600 for 100 seats; $1,800 for 100 seats). Calculate the total revenue of the airline and the consumer surplus.