Answer:
Explanation:
Jake's opportunity cost of producing 1 pound green beans is 4 pounds of corn.
Jane's opportunity cost of producing 1 pound green beans is 1 pound of corn.
we first have to calculate the difference between the opportunity costs of producing beans and corn:
Jake ⇒ beans = 40 - 30 = 10 or 30 - 20 = 10, so the average difference = 10
corn = 160 - 120 = 40 or 120 - 80 = 40, so the average difference = 40
since we are asked the opportunity cost of one pound of beans, we must divide by 10, so we have 1 pound of beans per 4 pounds of corn.
Jane ⇒ beans = 80 - 60 = 20 or 40 - 20 = 20, so the average difference = 20
corn = 80 - 60 = 20 or 40 - 20 = 20, so the average difference = 20
since we are asked the opportunity cost of one pound of beans, we must divide by 10, so we have 1 pound of beans per 1 pound of corn.
