Question #4947
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.
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.
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#339914 on Dec 2023
#339914 on Dec 2023
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