6. The accompanying table indicates the U.S. domesticdemand schedule and domestic supply schedule forcommercial jet airplanes. Suppose that the world priceof a commercial jet airplane is $100 million.Price of jet Quantity of jets(millions)demanded$120100110150100200€1090 11250300350400828598070605045040500Quantity ofjets supplied1,000900800700600500400300200a. In autarky, how many commercial jet airplanes doesthe United States produce, and at what price arethey bought and sold?b. With trade, what will the price for commercialjet airplanes be? Will the United States import orexport airplanes? How many?

Introduction The quantity of a commodity demanded depends on the price of that commodity and…

6. 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 Quantity of jets (millions) demanded $120 100 110 150 100 200 €1090 11 250 300 350 400 450 500 80 70 60 50 40 Quantity of jets supplied 1,000 900 800 700 600 500 400 300 200

6. 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 Quantity of jets (millions) demanded $120 100 110 150 100 200 €1090 11 250 300 350 400 450 500 80 70 60 50 40 Quantity of jets supplied 1,000 900 800 700 600 500 400 300 200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. A fruit is traded in a competitive world market, and the world price is $10 per pound. The consumer quantity in this price is 100 million tonnes. One year later, overall fruit prices increase to $15 and total consumer level fall to 90 million tonnes. Under this circumstance, what is the price elasticity of demand fruit?
A5
3
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Plz give correct explanation
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