Find the marginal revenue product for workers per day

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Reference no: EM131004063

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

Reference no: EM131004063

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