The airline patience has been around for sometime now . This manufacture continues to grow despite the setbacks it suffered during changes in the economy where each one-on-one airline company operatesBecause of this constancy growth , the tractileity of tag on and imply is affected consistently . Accordingly , in the get around decade , air traveling has grown by 7 per division . Travel for both business and leisure purposes grew potently worldwide . Scheduled airlines carried 1 .5 billion passengers last form . In the leisure market , the availability of large aircraft much(prenominal) as the Boeing 747 made it convenient and affordable for people to travel further to new and exotic destinations (adg .stanford .eduHowever , the unthinkable happened on family 11 , 2001 when airplanes were hijacked and jam into buildi ngs that caused the deaths of hundreds of lives . This event effectuated a change in world comprehension towards the airline industry . This similarly caused a major shake up in the price elasticity of preparation and engageA decline in the inquire for airline benefits all at erstwhile resulted from this event because of fears that this episode might happen again Passengers became awake of riding in airplanes . Thus , when the contract for the service became lesser , the prices went fling off . Therefore , the price elasticity of demand is considered elastic because when the prices went down , it reflected a sudden decline of demand also . This change in the elasticity could be explained also by the change in customer preference of service they opted for , as substitutes , land and sea transportation services with the public opinion that these argon much safer .
If you want to get a full e! ssay, visit our page: write my paper