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The amount of fish caught per week an a trawler is a function of the crew size assigned to operate the boat. Based on past
The amount of fish caught per week an a trawler is a function of the crew size assigned to operate the boat. Based on past data, consider the following production function identifying the relationship between output and labor input. You may assume that capital is fixed at 10 units. Labour Input (No of. Workers) (L) Total Product TPL (Q) 0 0 1 80 2 170 3 300 4 450 5 540 6 620 7 700 8 770 9 830 10 880 11 920 12 950 13 970 14 980 15 985 16 988 17 988 a) Calculate APL and MPL. b) Graph APL and MPL. Do they have the expected shape? c) On your graph, identify the three stages of production
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