a. "Delta expects to collect as much as 5 percent more revenue from July through September than it did during the same period in 2019, the airline said, even though it expects capacity the number of seats offered to be down 15 to 17 percent." What does this imply about the elasticity of airline ticket prices? b. Based on your answer to part (a), how should airlines respond? c. New pilots take time to be trained and accumulate sufficient hours to fly larger jets. This means the supply of pilots is relatively fixed in the short term. Based on this information, is it a surprise that pilots' wages are increasing at double-digit rates as airlines try to hire more pilots? Analyze this situation using game theory. d. Based on your analysis in part (c), what do you predict in terms of pilot wages going forward?