The 9/11 terrorist attacks caused the U.S. airline travel demand

| November 24, 2016

The 9/11 terrorist attacks caused the U.S. airline travel demand

curve to shift left by an estimated 30%. Use a supply-and-demand

diagram to show the likely effect on price and quantity (assuming

that the market is competitive. Indicate the magnitude of the

likely equilibrium price and quantity effects- for example, would

you expect equilibrium quantity to change about 30%? Show how the

answer depends on the shape and location of the supply and demand

curves

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