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Equilibrium Analysis ?The slope of the offer curve reflects the elasticity of demand for imports. ?A more elastic offer curve leads to greater trade volumes. 2020/9/15 Ch4. Demand and Supply, Offer Curves, and the Terms of Trade ? The Equilibrium Relative Commodity Price with Trade : Partial Equilibrium Analysis ? Offer Curves ? The Equilibrium Relative Commodity Price with Trade: General Equilibrium Analysis ? Relationship Between General and Partial Equilibrium Analyses ? The Terms of Trade 2020/9/15 Relationship Between General and Partial Equilibrium Analyses Partial Equilibrium Analysis 2020/9/15 Ch4. Demand and Supply,