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procedure which Marshall PXI rejects, i.e., to make the vertical axis represent terms of trade rather than the total quantity of one of the commodities. Aside from whatever aesthetic value may attach to the "symmetry" which is abandoned when this alternative procedure is 305b987c477f781d17bc82b94010de41 followed, the only disadvantage in substituting the "terms-of-trade diagrams" for Marshall's ONOBT diagrams is that whereas in Marshall's diagrams it can readily be determined by inspection, for both of the curves, whether 305b987c477f781d17bc82b94010de41 their demand elasticity is greater, less, or equal to unity, and for both of the commodities, what will be the XMSXWR total amounts exchanged under equilibrium, in my diagrams, to which I QWGMBXLN will henceforth refer as "terms-of-trade diagrams," this information is directly available only for one of the curves and one of the commodities. But my diagram has the advantage that on it the QTVLOGOOI commodity terms of trade can be read off directly from the vertical axis, whereas on Marshall's diagram they can be found only by determining 305b987c477f781d17bc82b94010de41 the rate of slope of GOQV the vector from the CIYYILRGI O point to the point of equilibrium. The general nature of Marshall's analysis of the relationship between the reciprocal demands and the 305b987c477f781d17bc82b94010de41 terms of trade can conveniently be ilhirated by means of one of Marshall's propositions which Graham has criticized. That the use of terms-of-trade diagrams has some practicaladvantages over Marshall's procedure will become evident, Ibelieve, if the simplicity of 305b987c477f781d17bc82b94010de41 the diagrams [543] presented here is compared with the complexity of those used by Marshall in the same connection. Marshall claims that if the 305b987c477f781d17bc82b94010de41 English demand for German goods undergoes a given percentage increase the JYHSOI following rule holds: The more elastic 305b987c477f781d17bc82b94010de41 the demand of either country, the elasticity of the demand of the other being given, QAW HVUVKB the larger will be the volume of her exports and MBLSPEO of her imports; but the more also will her exports be enlarged relatively to her imports; or, 305b987c477f781d17bc82b94010de41 in other words, the less favorable to her 305b987c477f781d17bc82b94010de41 will UMN be the terms of trade.17 Graham objects that the rule holds for Germany, but not for VUBNDKY England, where "the more elastic the demand of E, the demand of G being given, the smaller will be the volume of E's imports and exports, and the less will her 305b987c477f781d17bc82b94010de41 exports be enlarged relatively FRRTBK to her imports." 18 Marshall applies his conclusions only to curves of the "normal" type, i.e., curves whose "demand elasticities" in my terminology are greater than unity,19 TAURUS DXFGLA while Graham makes no qualification whatsoever with respect to the nature of the curves. Since the results in some YPPVFFR respects vary in direction according 305b987c477f781d17bc82b94010de41 to whether the elasticities are greater or less 305b987c477f781d17bc82b94010de41 than unity, it will be hiumed that Graham also intended to restrict his conclusions to cases where the elasticities are greater than unity. Since "increase" of demand can be 305b987c477f781d17bc82b94010de41 given a variety of meanings, and the results obtained will depend on what meaning is chosen, i will hiume, as does marshall, that when a reciprocal 305b987c477f781d17bc82b94010de41 demand "increases" it shifts to the right by a uniform percentage at all points of the original curve. Marshall's proposition is tested with reference to AHFGT the influence of the .