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This web site:
http://www.mackinac.org/article.aspx?ID=1247
lists the elasticity of demand for various industries. Note that for airlines, the demand is fairly elastic; a lot less tickets will be purchased with price increases. Markets for products that are perishable, such as airline seats, will exhibit highly flexible prices.

The elasticity of supply will vary depending on whether there is a large number of people flying. At off-peak times, there is plenty of extra capacity and marginal costs of production are low (the supply curve is elastic) whereas at peak times when demand is high, short run supply becomes relatively inelastic as airlines reaches capacity. A combination of higher demand and rising costs forces up the profit maximizing price.

See the research presented in the paper
"Assessing the Impact of the September 11 Terrorists Attacks on US Airline Demand," available here:
www.brown.edu/Departments/Economics/Papers/2003/2003-16_paper.pdf
The author states, “If we assume the estimated coefficients reflect a pure the demand shift–which, as discussed earlier, is consistent with the simultaneous decline in both quantity and price–the implied elasticity of the airline supply is 0.74.”

Also see the article “Where are the airlines headed? Implications of airline industry structure and change for consumers” available here:
http://www.blackwell-synergy.com/links/doi/10.1111/j.1745-6606.2005.00010.x/abs/
The authors state that:
"Macroeconomic and microeconomic market factors in the airline industry have reduced demand and increased elasticity of demand (e.g., responsiveness of buyers to a change in price). For example, we demonstrate in Figure 3 that demand for airline tickets has decreased and also become more elastic (become flatter, demonstrating greater price change responsiveness) as potential passengers weigh alternative travel modes."

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