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Question 2 (25 Marks) Rising flight fuel prices recently led major Asian airlines to raise fares by approximately 15%. Explain how this substantial increase in

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Question 2 (25 Marks) Rising flight fuel prices recently led major Asian airlines to raise fares by approximately 15%. Explain how this substantial increase in airfares would affect the following: a) The demand for air travel. (5 marks) b) The demand for hotels. (5 marks) c) The demand for car rentals. (5 marks) d) The supply of overnight mail. (5 marks) e) The overall effects on tourism industry

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