4A. Airline deregulation & pilots

Pre-1978 low wage elasticity of demand since applying Hicks-Marshall laws1. Low price elasticity of demand due to lack of competition amongst airlines2. Difficult to substitute other inputs3. Not as relevant4. Airline pilots small part of total costs

Pre-1978 low wage elasticity of demand since applying Hicks-Marshall laws 1. Low price elasticity of demand due to lack of competition amongst airlines 2. Difficult to substitute other inputs 3. Not as relevant 4. Airline pilots small part of total costs