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 fishermanâ€™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 fishermanâ€™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 fishermanâ€™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 fishermanâ€™s total-cost curve. Explain its shape

Expert's answer

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## Comments

Assignment Expert29.04.19, 17:39Total, Average , Marginal product

Hamza28.04.19, 13:26What does Tp,Ap,Mp stands for. And how did you calculate the Ap

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