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.
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Expert's answer
2012-06-12T07:30:07-0400
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