Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity:In the market for airline tickets, airline carriers have drastically cut fares for international air travel resulting in a 3% increase on ticket sales. Meanwhile, recent health considerations due to COVID-19 have caused an 11% reduction in the demand for international travel.Impact on supply –Impact on price –Impact on quantity –Impact on demand –Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity:Electricity is a major input into the production of aluminium and aluminium is a substitute in supply for steel. In the market for steel the effect of an increase in price of electricityImpact on supply –Impact on price –Impact on quantity –Impact on demand –

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Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 24QP

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Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity:

In the market for airline tickets, airline carriers have drastically cut fares for international air travel resulting in a 3% increase on ticket sales. Meanwhile, recent health considerations due to COVID-19 have caused an 11% reduction in the demand for international travel.

Impact on supply –

Impact on price –

Impact on quantity –

Impact on demand –

Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity:

Electricity is a major input into the production of aluminium and aluminium is a substitute in supply for steel. In the market for steel the effect of an increase in price of electricity

Impact on supply –

Impact on price –

Impact on quantity –

Impact on demand –

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