Question: 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.