Widgetland has 60 workers. Each worker can produce 4 widgets or 4 wadgets. Each resident in Widgetland
Question:
Widgetland has 60 workers. Each worker can produce 4 widgets or 4 wadgets. Each resident in Widgetland currently consumes 2 widgets and 2 wadgets. Wadgetland also has 60 workers. Each can produce 3 widgets or 12 wadgets. Wadgetland’s residents each consume 1 widget and 8 wadgets. Is there a basis for trade? If so, offer the countries a deal they can’t refuse.
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There is a basis for trade because Wadgetland can produce wadgets at a lower opportunity cost than W...View the full answer
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