Answer to Question #4947 in Microeconomics for Alexia

Question #4947
A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught:
Hours Quantity of fish (in pounds)
0 0
1 10
2 18
3 24
4 28
5 30

a. What is the marginal product of each hour spent fishing?
b. Use these data to graph the fisherman's production function. Explain its shape.
c. the fishermen has a fixed cost of $10 (his pole.) The opportunity cost of his time is $5 per hour. Graph the fisherman's total cost curve. Explain its shape.
1
Expert's answer
2012-06-12T07:30:07-0400
The answer to the question is available in the PDF file https://www.assignmentexpert.com/https://www.assignmentexpert.com/homework-answers/economics-answer-4947.pdf

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS