# Answer to Question #8223 in Microeconomics for maxx

Question #8223

A commercial fisherman notices the following relationship between hours spent fishing and

the quantity of fish caught:

Quantity of Fish

Hours (in pounds)

0 hours 0 lb.

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 fisherman has a fixed cost of $10 (his pole). The opportunity cost of his time is $5per hour. Graph the fisherman’s total-cost curve. Explain its shape

the quantity of fish caught:

Quantity of Fish

Hours (in pounds)

0 hours 0 lb.

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 fisherman has a fixed cost of $10 (his pole). The opportunity cost of his time is $5per hour. Graph the fisherman’s total-cost curve. Explain its shape

Expert's answer

Need a fast expert's response?

Submit orderand get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

## Comments

## Leave a comment