At a recent Australian Financial Review event, Qantas chief executive Alan Joyce said current crude oil prices of around

[answerhappygod]

At a recent Australian Financial Review event, Qantas
chief executive Alan Joyce said current crude oil prices of around
$US130 ($179) a barrel —up from $73 at the start of 2022 —
translated to a 7 percent increase in the average airfare, with
another 1 percent rise for every $4 per barrel after that. Use of a
diagram and explain in words, how the price and the quantity traded
in equilibrium would change following an increase in the price of
oil? How important is the price elasticity of demand in determining
the new equilibrium price? (150 words recommended). (10
marks)