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

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 6 images

Blurred answer
Knowledge Booster
Isoquants
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education