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
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Expert's answer
2012-04-12T09:49:31-0400
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Comments

Assignment Expert
29.04.19, 18:39

Total, Average , Marginal product

Hamza
28.04.19, 14:26

What does Tp,Ap,Mp stands for. And how did you calculate the Ap

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