Giovanni's production possibility schedule jorge's production possibility schedule pounds of green beans pounds of corn pounds of green beans pounds of corn 0 160 0 320 40 120 20 240 80 80 40 160 120 40 60 80 160 0 80 0 the terms of trade for 1 pound of green beans must lie between _ and _ pounds of corn. select one:
a. 1/4, 1
b. 1, 6
c. 1, 4
d. 1/4, 1

I found the correct format of the table. Pls see attachment.

My answer is: c) 1,4

The terms of trade for 1 pound of green beans must lie between 1 and 4 pounds of corn.

In Giovanni's PPS, I divided the pounds of corn when pounds of green bean is 0 by the pounds of green bean when the pounds of corn is 0.

160 / 160 = 1

In Jorge's PPS, I divided the pounds of corn when pounds of green bean is 0 by the pounds of green bean when the pounds of corn is 0.

320 / 80 = 4

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AkshayG AkshayG · Answer 2 · 2020-01-09T06:47:57+01:00

The option C is correct. The terms of trade for 1 pound of green beans must lie between 1 and 4 pounds of corn.

Further Explanation:

Given information:

Refer to table 1 for given information.

Production possibility schedule:

Production possibility schedule is defined as the schedule which shows that if good X is produced instead of good Y, how many units are produced by shifting the labor from good X to good Y. In this case, the production possibility schedule shows how many units produced of green beans are produced instead of corn by shifting the labor from corn to green beans.

Compute the terms of trade for 1 pound of green beans in terms of pounds of corn.

Giovanni's production possibility = Maximum pounds of corn ÷ Maximum pound of green beans

Giovanni's production possibility =160÷160

Giovanni's production possibility =1

Compute the terms of trade for 1 pound of green beans in terms of pounds of corn.

Jorge's production possibility = Maximum pounds of corn ÷ Maximum pound of green beans

Jorge's production possibility = 320÷ 80

Jorge's production possibility = 4

Learn more:

1.Learn more about the elasticity of demand

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2.Learn more about demand and supply diagram

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3.Learn more about the demand curve

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Answer details:

Grade: Middle School

Subject: Economics

Chapter: Production possibility

Keywords: Giovanni's production possibility, Maximum pounds of corn, Maximum pound of green beans, Jorge's production possibility, labor, shifting, how many units produced.