To compute the cost of 1 oz of peas we divide the cost of 46 oz of peas by 46.
Therefore the cost of 1 oz of peas is:
[tex]\frac{3.40}{46}\text{ dollars.}[/tex]Simplifying the above fraction we get:
[tex]\frac{3.40}{46}\text{dollars}\approx0.07dollars.[/tex]Answer: $0.07