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Explain two determinants of demand

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Reference no: EM133126076

Reference: https://ocr.org.uk/Images/59758-question-paper-unit-f581-01-markets-in-action.pdf

Economics:

1. State and explain two determinants of demand for air travel for leisure purposes.

2. Using a diagram, describe how the increase in tickets prices in February 2007 might have affected the consumer surplus of EU air passengers.

Please refer to this link to answer question 3 : https://ocr.org.uk/Images/59758-question-paper-unit-f581-01-markets-in-action.pdf

3b. Explain the meaning of the price elasticity of demand figure you have calculated.

3c. Suppose the government aims to reduce demand from 'binge flyers'. Evaluate how it might use the information in Fig.2 to achieve this objective.

Reference no: EM133126076

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