Q1. The Internet is wringing inefficiencies out of nearly every Industry. While the commercial aircrafts spend roughly 4000 hours a year in the air, chartered aircraft are flown only 500 hours annually. That means that they are sitting on the ground, not making any money, nearly 90 percent of the time. One company called Fly first, saw an opportunity in that & decided that for about the same cost as a first class ticket they can offer rides to the executives in small private jets. The executives would get a more comfortable ride & could avoid the hassle of big airports. Fly first noted that the average charter jet has 8 seats. When all the 8 seats are full, the company would have an 80 percent profit margin. It would break even at an average of 3.3 seats per flight. (6 marks) How did Fly first determine that it would break even with 3.3 seats per flight? of businesses with