Application of Microeconomic Tools on Market Present in the Airline Industry: A Law and Economics Approach
The research paper on the topic ‘Application of microeconomic tools on market present in the Airline Industry’ aims to apply various concepts of economics such as the law of demand and supply, cost, revenue and pricing strategies to the airline industry. The paper also aims to explain the impact of Covid-19 on the airline industry. First and foremost, the author takes a glance at the market structure of the industry. Next, the author analyses the impact of several market factors on the demand and supply in the industry. Subsequently, we delve into the nuances of cost, revenue and pricing strategies alongside proposing solutions to the businesses on how to improve the pricing and revenue aspects in their respective ways. In the final segment of this paper, we study the effects of the Covid-19 pandemic on the airline industry and the economy in general.
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