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d 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 Offer Curves ? Offer curve of a nation shows the nation’s willingness to import and export at various relative modity prices. ? The offer curve was first derived by English economists Edgeworth and Marshall to help explain international trade. Alfred Marshall (18421924) Principles of Economics (1890) 2020/9/1