A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught:

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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 $5 per hour. Graph the fisherman’s total-cost curve. Explain its shape.

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Principles Of Microeconomics

ISBN: 9780538453042

6th Edition

Authors: N. Gregory Mankiw

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Question Posted: Nov 04, 2024 06:01 AM

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A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught:

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Principles Of Microeconomics

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