Shortly after the December holidays, it was announced that a deadly new virus was afflicting people around the globe. This pandemic resulted in a significant drop in demand for airline travel. Your task as an analyst is to analyze the changes in this airline market and the impact on price and quantity traded.

• Using your graph from Question 1, depict the changes that took place in the market. Clearly showand explainany shifts in demand and/or supply curves. Label any shifted curves asD₁and/orS₁. If the curves have not shifted, please explain why.
• Clearly show the new market equilibrium if changed from your answer to Question 1. Label the new equilibrium price asP₁and equilibrium quantity asQ₁.

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