3.Compute the profit (or loss) that the contract would provide FlyRite assuming the original price per flying hour and using the con state agency’s revised projection of hours needed.
4.Assume that the state has agreed to pay what is necessary so that FlyRite receives the profit originally expected in the contract. This will be accomplished by revising the price paid per flying hour based on the revised estimates of flying hours. What is the new price per flying hour?