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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.

Albums: Macroeconomics Graphs

http://static.wetpaint.com/img/bg/1.png welkerjason	Title: Terms of Trade between USA and Korea Photo added by welkerjason, Apr 16 2008, 8:05 AM EDT , and last updated by kevinchiu, May 11 2008, 8:34 AM EDT Keyword tags: None

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