The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 2 15 10 4 30 15 55 25 80 25 7 95 15 8 105 10 9. 110 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers
The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 2 15 10 4 30 15 55 25 80 25 7 95 15 8 105 10 9. 110 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers
Chapter11: Labor Markets
Section: Chapter Questions
Problem 1SQ
Related questions
Question
![The amount of fish caught per week on a trawler is a function of the crew size assigned to operate
the boat. The following table shows the total and marginal products of labor for a trawler.
Crew Size (L)
(No. of
Workers)
Amount of Fish Caught per Week (
Q)
(Hundreds of Lbs)
Marginal Product (
MPL)
(Hundreds of Lbs)
5
15
10
30
15
55
25
80
25
95
15
105
10
110
5
10
110
11
105
-5
12
95
-10
Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire
as many crew members as desired by paying them $1,125 per week. Assuming that the owner of
the trawler is interested in maximizing profits, what is the optimal crew size?
workers
|2 3 4 5 67 8 9을](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97b71799-3fee-4f49-998e-6e8eaffd22f7%2F74875cb8-ba2d-454a-947c-514c85be19a0%2Fsy8kr1_processed.png&w=3840&q=75)
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. The following table shows the total and marginal products of labor for a trawler.
Crew Size (L)
(No. of
Workers)
Amount of Fish Caught per Week (
Q)
(Hundreds of Lbs)
Marginal Product (
MPL)
(Hundreds of Lbs)
5
15
10
30
15
55
25
80
25
95
15
105
10
110
5
10
110
11
105
-5
12
95
-10
Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire
as many crew members as desired by paying them $1,125 per week. Assuming that the owner of
the trawler is interested in maximizing profits, what is the optimal crew size?
workers
|2 3 4 5 67 8 9을
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