The accompanying table indicates the U.S. domestic demand schedule and domestic supply schedule for commercial jet airplanes. Suppose that the world price of a commercial jet airplane is $100 million.

Price of jet

(millions)

Quantity of jets demanded Quantity of jets supplied

$120 100 1,000 110 150 900 100 200 800 90 250 700 80 300 600 70 350 500 60 400 400 50 450 300 40 500 200

a. In autarky, how many commercial jet airplanes does the United States produce, and at what price are they bought and sold?

b. With trade, what will the price for commercial jet airplanes be? Will the United States import or export airplanes? How many?