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Card 6 / 14: Let's think about the market for air travel. From 2009 to 2012, the price of jet fuel increased roughly 84%. Using the four-step analysis, how do you think this fuel price increase affected the equilibrium price and quantity of air travel?
Answer:
Step 1. Draw the graph with the initial supply and demand curves. Label the initial equilibrium price and quantity. Step 2. Did the economic event affect supply or demand? Jet fuel is a cost of producing air travel, so an increase in jet fuel price affects supply. Step 3. An increase in the price of jet fuel caused an increase in the cost of air travel. We show this as an upward or leftward shift in supply. Step 4. A leftward shift in supply causes a movement up the demand curve, raising the equilibrium price of air travel and lowering the equilibrium quantity.
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Questions & Answers
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Can you compute that for me. Ty
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Nevermind i just realied that the graph is the phons output for a person with normal hearing and not just the phons output of the sound waves power, I should read the entire thing next time
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Who can show me the full solution in this problem?
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