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INTERNATIONAL TRADE - ECON 4431W Textbook: INTERNATIONAL ECONOMICS by Appleyard and Field (9th edition; McGraw Hill) Question 4 Draw diagrams for parts a and b,

INTERNATIONAL TRADE - ECON 4431W

Textbook: INTERNATIONAL ECONOMICS by Appleyard and Field (9th edition; McGraw Hill)

Question 4 Draw diagrams for parts a and b, and explain in detail. Please using concepts and trade theories explained

a. Compare the Theory of Comparative Advantage with the Neo Classical Theory. Explain the Autarky and Free Trade equilibriums in both; give diagrams and explain what happens when the country moves from Autarky to Free Trade.

b. Explain the gains from trade in both these theories.

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