[Author’s Name]
[Institution’s Name]
Essay on Introduction to Economics
- How does 10 extra minutes increases the inefficiency of the airport security?
The extra ten minutes means that the passengers will have to stand in line for extra ten minutes and this means that after every ten minutes the price of the airport security increases. This is because of various utilities consumption, for instance the airplane has to wait for all the passengers to get security check thereby resulting in excess fuel consumption while the passengers go through the final security check at the airport. This extra fuel consumption will over all result in the increase in the cost of the travel for the airplane and automatically increase the price of traveling.
- What effect does the price increase of $5 in air tickets will have on the demand of the air tickets?
The increase in the price of the air tickets by $5 will not have much effect on the demand of the air tickets...
