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Photo: Terms of Trade between USA and Korea

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  • Description: USA: 3 apples cost 1 cellphone, 1/3 cellphone costs one apple
    Korea: 2 apples cost one cellphone, 1/2 cellphone costs one apple
    Terms of trade: (maximize product)
    USA produce apples, Korea produce cellphones. Trade based on comparative advantage.
  • Photo added by welkerjason, Apr 16 2008, 8:05 AM EDT , and last updated by kevinchiu, May 11 2008, 8:34 AM EDT
  • Albums: Macroeconomics Graphs
  • Keyword tags: None
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