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problem: Oceanic Pacific Company has decided to conduct a series of experiments to determine the value of tuna that could be caught with different crew sizes. The results of these experiments are as follows:

Crew Number

Daily Tuna Catch (kilograms)

0

0

1

50

2

110

3

300

4

450

5

590

6

665

7

700

8

725

9

710

[A] Describe & show the point where diminishing return occurs.

[B] Show the points or ranges where raising returns, diminishing returns, & absolute decreasing returns occurs.

[C] Assume the market price of tuna is $3.50 per kilogram. How many crews should the company use if the daily wage per crew member is 100 dollars. Show all work to receive full credit.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M917777

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