a. Using Figure 2-5, show that an increase in the relative price of wheat from its world
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b. Using Figure 2-6, show that an increase in the relative price of wheat from its world relative price of 2/3 will lower Foreign's utility. What is Foreign's utility when the world relative price reaches 1, and what happens in Foreign when the world relative price of wheat rises above that level?
Transcribed Image Text:
Cloth, Qc (yards) Slope =-1 50 40 US Slope -2/3 25 F U1 Slope-1/2 40 50 100 Wheat, Qw (bushels) Cloth, o (yards) 100 8 C* 60- Slope =-23 A* U2 US 50 60 100 Wheat, Q(bushels)
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Related Book For
International Economics
ISBN: 978-1429278447
3rd edition
Authors: Robert C. Feenstra, Alan M. Taylor
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