Purchase Solution

range of workers

Not what you're looking for?

Ask Custom Question

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?

Attachments
Purchase this Solution

Solution Summary

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?

Purchase this Solution


Free BrainMass Quizzes
Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.