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On one set of axes sketch a community indifference curve tangent to the fairly flat section of a concave production frontier and show the nation’s autarky equilibrium-relative

On one set of axes, sketch a community indifference curve tangent to the fairly flat section of a concave production frontier and show the nation’s autarky equilibrium-relative commodity price, labeling it PA. Assume that this graph refers to a very small nation whose trade does not affect relative prices on the world market, given by PW. Show on the graph the process of specialization in the production, the amount traded, and the gains from trade.

Jun 13 2020 View more View Less

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