Maximizing the total amount

From your knowledge of the relationships among the various production functions, complete the following table:

Variable Input Total Product Average Product Marginal Product
L TP L* (=Q) AP L* MP L*
0 0 - -
1 _____ _____ 8
2 28 _____ _____
3 _____ 18 _____
4 _____ _____ 26
5 _____ 20 _____
6 108 _____ _____
7 _____ _____ -10

L* means that the "L" should be a very small capital L... but I don't know how to show that with the keyboard.

Page 332 problem 4

The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Basted on past data, the following production schedule was developed:

Crew Size Amount of fish caught
(Number of men) per week (hundreds of pounds)

2 3
3 6
4 11
5 19
6 24
7 28
8 31
9 33
10 34
11 34
12 33

a. Over what ranges of workers are there (I) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?
b. How large a crew should be used if the trawler owner is interested in maximizing the total amount o f fish caught?
c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per person?

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Solution Summary

A fish problem is presented for maximizing the total amount.