Suppose that under the gold standard the mint par of 1 ounce of gold is $40 in the united states, £20 in the united kingdom, and 60 pesos in mexico. Assume that the cost of transporting gold between any pair of countries is $1 (or equivalent in £ or pesos) per ounce.
(a) calculate (in $/£) the gold export point from the united states to the united kingdom and the gold import point to the united states from the united kingdom.
(b) calculate (in peso/£) the gold export point from mexico to the united kingdom and the gold import point to mexico from the united kingdom.
(c) calculate (in peso/$) the gold export point from mexico to the united states and the gold import point to mexico from the united states.