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Hi Teachers, Can anyone create me a graph using the below instructions? Please help me in this, I am very poor at maths Draw the
Hi Teachers,
Can anyone create me a graph using the below instructions? Please help me in this, I am very poor at maths
- Draw the horizontal axis as "Price of Fish (pounds of salt per pound of fish)" and the vertical axis as "Quantity of Fish Supplied (pounds)".
- Plot the Home country's autarky point at (3/8, 0). Since this is the minimum price at which the home country is willing to supply fish, draw a horizontal line from this point to the right. This line represents the home country's supply curve for fish.
- Plot the Away country's autarky point at (1/2, 0). Since this is the minimum price at which the away country is willing to supply fish, draw a horizontal line from this point to the right. This line represents the away country's supply curve for fish.
- The world relative supply curve for fish is the horizontal sum of the home and away country's supply curves. This means it's a horizontal line that starts at the point where the two autarky lines intersect (which will be at a price between 1/2 and 3/8 pounds of salt per pound of fish) and extends to the right.
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