The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed. Complete the following table by calculating the marginal and average products of labor. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week (2) (Hundreds of Lbs) Marginal Product MPL (Hundreds of Lbs) Average Product APL (Hundreds of Lbs) 2 9 3 27 4 54 5 99 6 144 7 171 Activity Frame 8 189 9 198 10 198 11 189 12 171 Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns? Stages Negative returns Decreasing returns Increasing returns Ranges Constant returns How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught? workers How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker? workers
The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed. Complete the following table by calculating the marginal and average products of labor. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week (2) (Hundreds of Lbs) Marginal Product MPL (Hundreds of Lbs) Average Product APL (Hundreds of Lbs) 2 9 3 27 4 54 5 99 6 144 7 171 Activity Frame 8 189 9 198 10 198 11 189 12 171 Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns? Stages Negative returns Decreasing returns Increasing returns Ranges Constant returns How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught? workers How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker? workers
Chapter1: Making Economics Decisions
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Transcribed Image Text:The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following
production schedule was developed.
Complete the following table by calculating the marginal and average products of labor.
Crew Size (L)
(No. of Workers)
Amount of Fish Caught per Week (2)
(Hundreds of Lbs)
Marginal Product MPL
(Hundreds of Lbs)
Average Product APL
(Hundreds of Lbs)
2
9
3
27
4
54
5
99
6
144
7
171
Activity Frame
8
189
9
198
10
198
11
189
12
171
Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?
Stages
Negative returns
Decreasing returns
Increasing returns
Ranges
Constant returns
How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?
workers
How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker?
workers
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