DRAW THE GRAPHS AND ANSWER ALL QUESTIONS CLEARLY PLEASE! 5. consumers demand more of commodity X (the L-intensive commodity) and less of commodity Y (the K- intensive commodity). Suppose that Nation 1 is India, commodity X is textiles, and commodity Y is food. Starting from the no-trade equilibrium position and using the Heckscher-Ohlin model, trace the effect of this change in tastes on India's (a) relative commodity prices and demand for food and textiles (b) production of both commodities and factor prices (c) comparative advantage and volume of trade.

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.