commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Quantity of Fish (in pounds) 0 hours 0 lb. 1 10 2 18 3 24 4 28
commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Quantity of Fish (in pounds) 0 hours 0 lb. 1 10 2 18 3 24 4 28
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3PA
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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 hours |
0 lb. |
1 |
10 |
2 |
18 |
3 |
24 |
4 |
28 |
5 |
30 |
- What is the marginal product of each hour spent fishing?
- Use these data to graph the fisherman’s production function. Explain its shape.
- The fisherman 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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