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Draw the World Relative Supply Curve (put pr/py in the vertical axis, T+T* /V+V* in the horizontal axis and identify where the jump occurs).
Draw the World Relative Supply Curve (put pr/py in the vertical axis, T+T* /V+V* in the horizontal axis and identify where the jump occurs). Draw a "nice" World Relative Demand curve that crosses the World Relative Supply curve at the stated free trade price ratio
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International Economics
Authors: Robert C. Feenstra, Alan M. Taylor
3rd edition
978-1429278515, 142927851X, 978-1319029517, 1319029515, 978-1429278447
