Answer to Question #8223 in Microeconomics for maxx

Question

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