Describe the point at which diminishing returns occur

Assignment Help Business Economics

Reference no: EM1365296

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.

Reference no: EM1365296

Questions Cloud

Explain as a project manager for an electronics manufacturer : Explain As a project manager for an electronics manufacturer you are supposed to design a new and low-cost MP3 player in three months' time working with a team of three technicians

Illustrate which country has the most equal distribution : Using this information, draw a Lorenz curve for each country. Remember to convert the above table into a cumulative %. Illustrate which country has the most equal distribution of income.

What net torque must be applied to the wheel : What net torque must be applied to the wheel. How several meters would the molecule.

Find the stock price and answer the question : Your company has declared a dividend of $2.50 per share. You and rest of the marginal investors are in the 35 percent tax bracket.

Describe the point at which diminishing returns occur : Describe the point at which diminishing returns occur. Indicate the points that delineate the three stages of production.

Fasb codification research system : What is the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is in substance a financing arrangement?

What is the force on a test charge q at the center : What is the force on a test charge Q at the center.

Elucidate what other evidence could a manager look : Elucidate what other evidence could a manager look for to infer whether a market is in equilibrium. What are possible causes of the shortage.

Fasb versus gasb : FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting pract..

User Account

All Pages