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  • Card 8 / 12:
    Let’s think about the market for air travel. From August 2014 to January 2015, the price of jet fuel decreased roughly 47%. Using the four-step analysis, how do you think this fuel price decrease affected the equilibrium price and quantity of air travel?

    Step 1. Draw the graph with the initial supply and demand curves. Label the initial equilibrium price and quantity.

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Questions & Answers

what is macro economics
ROGATH Reply
In the short-run, the monopoly makes?
Felix Reply
A demand which gives rise to the reverse of the law of demand is?
Felix
Price  (₦)Quantity Demanded 8  610  12 If we move from 8 to 6, the elasticity of demand is
Felix
does inventories accumulation included in GDP?
kelly Reply
Selling goods and services below or above the equilibrium price.
Daniel Reply
I will be there at the same time .....
SHADAB
Yes
HASSAN
Economics it big in the capital in
HASSAN
what is the meaning of black market
David Reply
the law of demand to price of goods if price is $13 and quantity $60, price $20 and y variable how calculate
Jackie Reply
what is diminishing marginal utility
Harish Reply
what is indifference curve
Harish
when the rate of utility goes on diminishing with every success ful unit is know as diminishing marginal utlity
Sana
what's economic growth
Rukundo Reply
what is economic growth
Rukundo
what is growth
Amina
growth is a sort form of development growth means development of only one specil part
RAJESH
one special part
HASSAN
what is wants
Daudu Reply
want is a specil desire whereas have you available resources for satisfying desire of products
RAJESH
what is scarcity
Syanda Reply
scarcity means wants
Daudu
scarcity is the situation whereby there are limited means in a world of unlimited ends.
suleysh
ok
Daudu
what is end?
Daudu
what is microeconomics
Isaac Reply
it study of only individual units like-a consumer,a firm,an industry and income of an individual.......
SHADAB
what is Economics Bacis
HASSAN
it saves time : division of labor saves time Because when two or more people forcus on a particular operation it will be quick and easy
Helen Reply
what is the function of principal
Aminu Reply
Opportunity cost is simply a forgone alternative. In other words, what deliberately or unintentionally ignored in other to concentrate on some thing else which cloud be a close alternative.
lawal Reply
What is the opportunity cost of producing 1:1301 television sets 2:100 television sets 3:300 radio tape 4:550 radio tape 5: Draw the production possibility cure.
Aslam Reply
opportunity cost simply mean a forgone alternative
Israel
opportunity cost is simply the sacrifice made for the next most desired alternative
dawda
opportunity cost is sacrifice made at expense of another want
Helen

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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