The 4 charts illustrate the Market for Airline Tickets from Los Angeles to Hawaii.
Please label the x and y axes, the supply & demand curves and the equilibrium points. You do not need to use any actual numbers. Then, analyze how the changes described in each case affect the equilibrium price and quantity of airline tickets for each chart. Provide a brief explanation of why each change occurs.
1. Flight attendants receive a pay increase.
2. There have been several Earthquakes in Hawaii this season.
3. United Airlines adds 22 flights per month.
4. The US dollar loses 20% of value against major currencies.