ECON 940 – Statistics for Decision Making PRESENTATION OF ASSIGNMENT 1. The answer to your assignment should be in the form of a business report. 2. Marks awarded will be based on presentation (5%)
October 3, 2020
Chapter 2 Summary (The Economic Revolution) in The Worldly Philosopher’s book by Robert Heilbroner
October 3, 2020
Show all

The Oceanic Pacific fleet has just decided to use a pole-and-line method of fishing instead of gill netting to catch tuna.

The Oceanic Pacific fleet has just decided to use a pole-and-line method of fishing instead of gill netting to catch tuna…. a)determine the point at which diminishing returns occursb)indicate the points that delineate the three stages of productionc)suppose the market price of tuna is $3.50/pound. How many fisherman should the company use if 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 of fisherman 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 1000 pounds of fish per day. Given the preceding data, what should it consider doing? Explain

The Oceanic Pacific fleet has just decided to use a pole­and­line method of fishing instead of gill netting to catch tuna…. a)determine the point at which diminishing returns occursb)indicate…

Connect with a professional writer in 5 simple steps

Please provide as many details about your writing struggle as possible

Academic level of your paper

Type of Paper

When is it due?

How many pages is this assigment?

 

“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”

Looking for a Similar Assignment? Let us take care of your classwork while you enjoy your free time! All papers are written from scratch and are 100% Original.