Now suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of
Question:
a. Graph the relative demand curve along with the relative supply curve.
b. What is the equilibrium relative price of apples?
c. Describe the pattern of trade.
d. Show that both Home and Foreign gain from trade.
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a The relative demand curve includes the Points 15 5 12 2 1 1 2 12 b The equilibri...View the full answer
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Related Book For 
International Economics Theory and Policy
ISBN: 978-0273754206
9th Edition
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
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