Answer to Question #8223 in Microeconomics for maxx
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.
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