Answer to Question #4947 in Microeconomics for Alexia
A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught:
Hours Quantity of fish (in pounds)
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.