The market for Airplane tickets

Airplane tickets: Find an interesting historical change in your market: for example, a large, sudden change in consumer preferences, or the introduction of an important technology or regulation. The change you consider should have an exogenous cause: i.e. it should ultimately be caused by something outside your market.

Explain how price and quantity traded were affected. Describe the change using the theory taught in class (e.g. an example of a theoretical explanation for a price drop could be that a technological improvement reduced costs and thereby shifted out the supply curve. Of course, different explanations will apply to each particular situation.) In particular, identify whether your change caused a shift in the supply side and/or the demand side and identify which fundamentals (such as consumer preferences, input prices, prices of substitutes/complements, changes in production technology) were affected to lead to this shift. Illustrate the logic (in terms of economic theory) that led from the underlying cause to the ultimate effect with graphs and/or equations as far as possible.