"Airlines idle nearly 2,000 planes, issue mass layoffs"(Schlangenstein, M., Weiss, R., & Whitley, A. Vancouver Sun Newspaper, Tuesday, March 24, 2020, p. B4).

"Four of the world's leading airlines laid bare the devastation the new coronavirus in inflicting on travel, with three major carriers parking nearly 2,000 planes and Quantas Airways Ltd. temporarily laying off close to 30, 000 staff in some of the industry's deepest cuts to date.

The Measures at Deutsche Lufthansa AG, Europe's biggest carrier, go furthest, with chief executive Carsten Spohr saying he'll idle 700 aircraft and 95 percent of seats, shrinking the flight schedule to a level last seen in 1955. Delta Airlines Inc. is grounding half its fleet wo wipe out 70 percent of capacity, while American Airlines Group Inc. will park 450 aircraft as it cuts international and domestic routes. Qantas is ceasing international operations.

The cuts highlight the desperation gripping airlines as they shrink operations amid acollapse in demandand moves to close national boarders. For many operators that means mothballing the business and taking draconian steps to stop cash draining away while the virus retains its grip."

i.This is clearly a great example of Supply and Demand! So -withoutbeing required to DRAW a GRAPH, I want you to explain step-by-step, beginning with a pre-covid-19 market in equilibrium, and then describing each of the changes - if any - to each of the DEMAND side and the SUPPLY side of the economy. Make sure that youEXPLAIN CAREFULLY WHYdemand and/of supply curves are SHIFTING, the direction of any SHIFT and the MARKET CHANGES - if any - that move us toward a "new" EQUILIBRIUM position.Your explanationMUSTseparate SHIFTS in the curves and MOVEMENT ALONG THE CURVES as conditions affecting the particular "side" of the market - Supply or Demand - and the resulting MOVEMENT along the curves - Supply or Demand - that move the economy back to the new EQUILIBRIUM position. (5 Marks)