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Now suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of bananas/price of apples.
a. Graph the relative demand curve along with the relative supply curve.
b. What is the equilibrium relative price of apples?
c. Describe the pattern of trade.
d. Show that both Home and Foreign gain from trade.
For which of the problems listed in (a) through (c) would you want to use real payments and real interest rates, and for which would you want to use nominal payments and nom
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