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

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.

Hours Quantity of Fish (in pounds)

0 0

1 10

2 18

3 24

4 28

5 30