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On a lobster boat, the more hands working, the more traps that can be checked per day, and the more lobsters landed.The relationship between workers per day and total product for a typical boat are as shown in the table. Find the marginal revenue product for workers per day and plot this as the demand curve for labor in the diagram, given a price of $10 per lobster landed. Add a marginal resource cost curve at $30 per day per worker and identify the number of workers employed per day on a typical boat.

Workers per day  Total Product                            

0                              0

1                              5

2                              9

3                            12

4                            14

5                            15

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91719811

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