Describe the point at which diminishing returns occur., Ask an Expert

Economics

Number of Fisherman Daily Tuna Catch (LB)
3 300
4 450
5 590
6 665
7 700
8 725
9 710

a. Determine the point at which diminishing returns occur.

b. Indicate the points that delineate the three stages of production.

c. Suppose the market price of tune is $3.50/pound. How many fisherman should the daily wage rate is $100?

d. Suppose a glut in the market for tuna causes the price to fall to $2.75/pound. What effect would this have on the number if fishermen used per boat? Suppose the price rose to $5.00/pound. What effect would this have on its hiring decision?

e. Suppose the firm realizes that to keep up with the demand for tuna caught by the more humane pole-and-line method of fishing, each of its boats must catch at least 1,000 pounds of fish per day. Given the preceding data, what should it consider doing? Explain.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9290607

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