In recent months world petroleum prices have increased In recent months world petroleum prices have increased significantly, and this hasled to an increase in the price of jet fuel, which is used by passenger aircrafts. Moreover, with theimpact of the pandemic decreasing over time, millions of people are starting to travel in 2022.(a) What impact will this higher price of jet fuel have on the supply curve of airline travel,assuming that jet fuel is an input for airline travel? Does the supply curve shift to the left or shiftto the right or does not shift at all? If the curve shifts, please explain why it shifts.(b) What impact will the increase in the desire for people to travel have on the demand curve forairline travel? Does the demand curve shift to the left or shift to the right or does not shift at all?If the demand curve shifts please explain why it shifts.(c) What happens to the equilibrium price and quantity of airline travel?Please explain and include a graph with the demand and supply curves of airline tickets. Youmust include one graph only and this graph should show both the original and new demand andsupply curves (if the curves shift) and must also indicate the change in equilibrium price andquantity (if any).Business Economics
