Compution of ranges where increase and decrease in return

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Reference no: EM1312615

Compution of ranges where increase and decrease in return occurs

Oceanic Pacific Company has decided to conduct a series of experiments to determine the amount 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

Explain and show the point where diminishing returns occurs.
Show the points or ranges where increasing returns, diminishing returns, and absolute decreasing returns occurs.

Suppose the market price of tuna is $3.50/kilogram. How many crew should the company use if the daily wage per crew member is $100. Show your work

Reference no: EM1312615

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