Describing law of demand and supply

Reference no: EM1366795

In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell. The law of demand states that "the quantity demanded of a good varies inversely with its price. Does the observed change in the purchase and price of airline tickets violate the law of demand? why or why not?

Reference no: EM1366795

Questions Cloud

Pricing structure of organization : Select an organization you work for or are familiar with. Could the organization you have chosen lower prices to increase revenue?

Concepts of basic management topics to health care : What, if anything, is different about applying the concepts of basic management topics to health care organizations, as opposed to other types of organizations, e.g., McDonald's?

Create logic to enter item until sentinel value is entered : Create a logic for and create the application allows user to enter an order item continuously until a sentinel value is entered.

Evaluate revenue maximizing price : Show what price do you recommend that GM charge for its Tahoe if its desire is to maximize sales and draw a graph that illustrates your recommendation.

Describing law of demand and supply : In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.

Estimating the break even point : A corporation produces glue in eight ounce tubes. The total fixed costs for the production of the glue are $477,999.50.

Historical developments of hospitals in united states : What have been the main historical developments of hospitals in the United States? In Canada? Which one do you feel has evolved more efficient patient care?

Determining average sales and equilibrium : Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.

Barriers to personal growth and development : Barriers to personal growth and development - What are the barriers to personal growth and development?

User Account

All Pages