This table indicates the US domestic demand and supply schedules for commercial jet airplanes. Suppose that...
- 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 |
- Without trade, how many commercial jet airplanes does the US produce, and at what price are they bought and sold?
- With trade, what will be the price for commercial jet airplanes? Will the US import or export airplanes? How many?
Homework Answers
A. Without trade equilibrium price and quantity will be decided where demand is equal to supply.
At Price= $60, Quantity Demanded= Quantity Supplied= 40).
So, 400 commercial jet airplanes at $60 price.
B. At $100, Quantity supplied= 800, Quantity Demanded= 200.
Since supply is greater than demand US will export the excess supply. 800-200= 600 airplanes are exported.
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