The amount of fish caught per week on a trawler is a function of the crew size assigned to operatethe boat. The following table shows the total and marginal products of labor for a trawler.Crew Size (L)(No. ofWorkers)Amount of Fish Caught per Week (Q)(Hundreds of Lbs)Marginal Product (MPL)(Hundreds of Lbs)5151030155525802595151051011051011011105-51295-10Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hireas many crew members as desired by paying them $1,125 per week. Assuming that the owner ofthe trawler is interested in maximizing profits, what is the optimal crew size?workers|2 3 4 5 67 8 9을

Maximizing profits is the point where the total revenue is higher than the total cost incurred by…

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

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQ

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