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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Consider two countries: South Korea and Taiwan. Taiwan can produce one million mobile phones per day at the cost of Chapter 33, Problem 34P, Consider two countries: South Korea and Taiwan. Taiwan can produce one million mobile phones per day , example  1 per phone and South Korea can produce 50 million mobile phones at Chapter 33, Problem 34P, Consider two countries: South Korea and Taiwan. Taiwan can produce one million mobile phones per day , example  2 per phone. Assume these phones are the same type and quality and there is only one price. What is the minimum price at which both countries will engage in trade?

To determine

The minimum price that will make both the countries to engage in trade is to be determined.

Explanation

The given information is below:

    CountryPhone Cost
    Taiwan  $10 per phone
    South Korea  $5 per phone

1

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