Homework Supply: The C x MindTap - Cengage Learn X MindTap - Cengage Learn X MindTap - Cengage Learn X my head tatic/nb/ui/evo/index.html?deploymentId=48985820043301194889180157&elSBN 9781305387638&id=2105230765&snapshotld=4005816& CENGAGE MINDTAP mework Supply: The Costs of Doing Business ack to Assignment Attempts 1 Keep the Highest 1/2 1. Diminishing marginal returns Suppose a fisherman owns a fish farm that has a boat and only one worker (the fisherman himself). Currently, 80 fish are captured and sold in the fish farm every day. Eventually the fisherman decides to hire an additional worker so that he can dedicate all his time to capturing the fish, and the second worker can sell the fish. With the one additional worker, the total output of the fish farm is 200 fish. The marginal returns of the second worker is fish per day. The fisherman now decides to add one more worker. With the two workers capturing fish and the one worker selling, total output of the fish farm is 300 fish per day. The marginal returns of the third worker is fish per day. The change in additional output from the second to third worker reflects Search Grade It Now Save & Continue Continue without saving
Homework Supply: The C x MindTap - Cengage Learn X MindTap - Cengage Learn X MindTap - Cengage Learn X my head tatic/nb/ui/evo/index.html?deploymentId=48985820043301194889180157&elSBN 9781305387638&id=2105230765&snapshotld=4005816& CENGAGE MINDTAP mework Supply: The Costs of Doing Business ack to Assignment Attempts 1 Keep the Highest 1/2 1. Diminishing marginal returns Suppose a fisherman owns a fish farm that has a boat and only one worker (the fisherman himself). Currently, 80 fish are captured and sold in the fish farm every day. Eventually the fisherman decides to hire an additional worker so that he can dedicate all his time to capturing the fish, and the second worker can sell the fish. With the one additional worker, the total output of the fish farm is 200 fish. The marginal returns of the second worker is fish per day. The fisherman now decides to add one more worker. With the two workers capturing fish and the one worker selling, total output of the fish farm is 300 fish per day. The marginal returns of the third worker is fish per day. The change in additional output from the second to third worker reflects Search Grade It Now Save & Continue Continue without saving
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Suppose a fisherman owns a fish farm that has a boat and only one worker (the fisherman himself)Currentlyfish are captured and sold in the every dayEventually the to an additional worker so that he can dedicate all his time to capturing the fish, and the can sell the fish per day With the additional worker, the total of the farm is 200 The marginal returns of the second worker is The fisherman now decides to add one more workerWith the two workers capturing and the one worker , output the fish 300 dayThe marginal returns of the third worker per day
Transcribed Image Text:Homework Supply: The C x
MindTap - Cengage Learn X
MindTap - Cengage Learn X
MindTap - Cengage Learn X
my head
tatic/nb/ui/evo/index.html?deploymentId=48985820043301194889180157&elSBN 9781305387638&id=2105230765&snapshotld=4005816&
CENGAGE MINDTAP
mework Supply: The Costs of Doing Business
ack to Assignment
Attempts 1
Keep the Highest 1/2
1. Diminishing marginal returns
Suppose a fisherman owns a fish farm that has a boat and only one worker (the fisherman himself). Currently, 80 fish are captured and sold in the
fish farm every day. Eventually the fisherman decides to hire an additional worker so that he can dedicate all his time to capturing the fish, and the
second worker can sell the fish.
With the one additional worker, the total output of the fish farm is 200 fish. The marginal returns of the second worker is
fish per day.
The fisherman now decides to add one more worker. With the two workers capturing fish and the one worker selling, total output of the fish farm is
300 fish per day. The marginal returns of the third worker is
fish per day.
The change in additional output from the second to third worker reflects
Search
Grade It Now
Save & Continue
Continue without saving
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