Question

A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught:
Hours Quantity of fish (in pounds)
0 0
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 fishermen has a fixed cost of $10 (his pole.) The opportunity cost of his time is $5 per hour. Graph the fisherman's total cost curve. Explain its shape.

Answer 1

1)

2)

TP has positive slope and TP grows, when quantity of hours growth

3)

TC has positive slope and TC grows, when quantity of hours growth