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Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026 Exercise 3
In 2008 the price of jet fuel soared because of the sharp increase in the price of crude oil.
a) What effect did that price increase have on the supply curve for airplane travel?
b) Show on a supply-demand diagram what changed.
c) What happened to the price of air travel tickets?
d) What happened to the quantity of air travel?
a) What effect did that price increase have on the supply curve for airplane travel?
b) Show on a supply-demand diagram what changed.
c) What happened to the price of air travel tickets?
d) What happened to the quantity of air travel?
Explanation
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Price of a good or service is determined...
Economics: The Basics 1st Edition by Mike Mandel
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