Last year the average price for an airline ticket was $400, but the average price dropped to $350 this year due to a decrease in the demand for airplane travel. The accompanying table contains...

Last year the average price for an airline ticket was $400, but the average price dropped to $350 this year due to a decrease in the demand for airplane travel. The accompanying table contains information on the supply of air travel.

Draw the supply curve and use it to calculate producer surplus last year and producer surplus this year. How did producer surplus change?




May 26, 2022
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