Question

at current world prices 1 fish trades for 3.5 pounds of berries. in a closed economy, if the citizens of this island consume 1,200 fish per year, how many pounds of berries can they consume?

Answer 1

Multiplying the annual fish consumption of 1,200 fish by the trade ratio of 3.5 pounds of berries per fish, the citizens can consume 4,200 pounds of berries per year.

Step-by-step explanation:

If in a closed economy, 1 fish trades for 3.5 pounds of berries, and the citizens of this island consume 1,200 fish per year, we can calculate the number of pounds of berries they can consume by multiplying the number of fish by the trade ratio. Using the provided information:

• Number of fish consumed per year: 1,200 fish
• Trade ratio: 1 fish for 3.5 pounds of berries

To find the number of pounds of berries, the calculation would be:

1,200 fish x 3.5 pounds of berries per fish = 4,200 pounds of berries

Therefore, the citizens of this island can consume 4,200 pounds of berries per year if they fully trade their consumed fish at the current world prices.