Resources required to produce 1 ton of cocoa and rice Cocoa Rice Ghana 10 13.33 South Korea
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Question:
Resources required to produce 1 ton of cocoa and rice
Cocoa | Rice | |
Ghana | 10 | 13.33 |
South Korea | 40 | 20 |
Production and consumption without trade
Cocoa | Rice | |
Ghana | 10 | 7.5 |
South Korea | 2.5 | 5 |
Total Production | 12.5 | 12.5 |
Production with specialization
Potential Solution
Cocoa | Rice | |
Ghana | 15 | 3.75 |
South Korea | 0 | 10 |
Total Production | 15 | 13.75 |
Ghana trades 4 tons of cocoa for 4 tons of South Korean rice
Try to find a more optimal trade solution for Ghana and South Korea.
Hint: look at total production and consumption without trade
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