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.
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
Finding a professional expert in "partial differential equations" in the advanced level is difficult.
You can find this expert in "Assignmentexpert.com" with confidence.
Exceptional experts! I appreciate your help. God bless you!
Comments
Leave a comment