# This table indicates the US domestic demand and supply schedules for commercial jet airplanes. Suppose that...

###### Question:

1. This table indicates the US domestic demand and supply schedules for commercial jet airplanes. Suppose that the world price of a commercial jet airplane is $100 million.  Price (millions) Quantity of Jets Demanded Quantity of Jets Supplied$120 100 1000 110 150 900 100 200 800 90 250 700 80 300 600 70 350 500 60 400 400 50 450 300 40 500 200

1. Without trade, how many commercial jet airplanes does the US produce, and at what price are they bought and sold?
2. With trade, what will be the price for commercial jet airplanes?  Will the US import or export airplanes?  How many?

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