The amount of fish caught per week an a trawler is a function of the crew size assigned to operate the boat. Based on past data, consider the following production function identifying the relationship between output and labor input. You may assume that capital is fixed at 10 units. Labour Input (No of. Workers) (L) Total Product TPL (Q). From the table below :- (a) Calculate APL and MPL. (b) Graph APL and MPL. Do they have the expected shape? (c) On your graph, identify the three stages of production
The amount of fish caught per week an a trawler is a function of the crew size assigned to operate the boat. Based on past data, consider the following production function identifying the relationship between output and labor input. You may assume that capital is fixed at 10 units. Labour Input (No of. Workers) (L) Total Product TPL (Q). From the table below :- (a) Calculate APL and MPL. (b) Graph APL and MPL. Do they have the expected shape? (c) On your graph, identify the three stages of production
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 3E
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The amount of fish caught per week an a trawler is a function of the crew size assigned to operate the boat. Based on past data, consider the following production function identifying the relationship between output and labor input. You may assume that capital is fixed at 10 units.
Labour Input (No of. Workers) (L) Total Product TPL (Q).
From the table below :-
(a) Calculate APL and MPL.
(b) Graph APL and MPL. Do they have the expected shape?
(c) On your graph, identify the three stages of production
| Labour input (No of Workers) (L) | Total Product TP L (Q) |
| 0 | 0 |
| 1 | 80 |
| 2 | 170 |
| 3 | 300 |
| 4 | 450 |
| 5 | 540 |
| 6 | 620 |
| 7 | 700 |
| 8 | 770 |
| 9 | 830 |
| 10 | 880 |
| 11 | 920 |
| 12 | 950 |
| 13 | 970 |
| 14 | 980 |
| 15 | 985 |
| 16 | 988 |
| 17 | 988 |
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