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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. The latter method involves the use of miles of nets strung out across the ocean and therefore entraps other sea creatures besides tuna (e.g., porpoises, sea turtles). Concern for endangered species was one reason for this decision, but perhaps more important was the fact that the major tuna canneries in the United States will no longer accept tuna caught by gill netting. Oceanic Pacific decided to conduct a series of experiments to determine the amount of tuna that could be caught with different crew sizes. The results of these experiments follow. Number of Fishermen Daily Tuna Catch (lb) 0 .................................................... 0 1 .................................................... 50 2 .................................................... 110 3 .................................................... 300 4 .................................................... 450 5 .................................................... 590 6 .................................................... 665 7 .................................................... 700 8 .................................................... 725 9 .................................................... 710 a. Determine the point at which diminishing returns occurs. b. Indicate the points that delineate the three stages of production. c. Suppose the market pri

May 23 2020 View more View Less

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