Question
https://www.abc.net.au/news/2020-05-28/private-jet-demand-rises-amid-coronavirus-pandemic-russia/12294000 a). Draw a diagram to show how the demand curve for private jet flights changes due to COVID-19. Explain the reasons for this change,
https://www.abc.net.au/news/2020-05-28/private-jet-demand-rises-amid-coronavirus-pandemic-russia/12294000
a). Draw a diagram to show how the demand curve for private jet flights changes due to COVID-19. Explain the reasons for this change, including a basic explanation of what a demand curve represents.
b). What can you say about the cross-price elasticity of demand for private jet flights with respect to regular and commercial charter flights?
c). What could you predict about the income elasticity of demand for private jet flights?
d). What do you think would happen to the elasticity of demand on private jet flights after the pandemic? Why?
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