1.5. Suppose that China and the United States open to trade with each other. Suppose that the resulting world price is that 1 aircraft can be exchanged for 100 phones. Draw graphs for both China and the U.S., showing: (i) the production possibilities frontier (PPF) with no trade; (ii) the consumption possibilities frontier (CPF) with no trade; (iii) the PPP with trade; and (iv) the CPF with trade. Put aircraft on the horizontal axis. Label the diagram carefully, making sure to include the numerical values for all places where curves meet axes. (4 points) 1.6. In the situation of the previous part, explain clearly how you know that the U.S. gains from trade. (3 points)