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A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Quantity of Fish Hours (Pounds) 11 20 25

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A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Quantity of Fish Hours (Pounds) 11 20 25 28 un A 20 Complete the following table with the marginal product of each hour spent fishing. Quantity of Fish Marginal Product Hours (Pounds) (Pounds) VV DO000 W N 28 5 30 On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. ? Production Function Quantity of Fish ( Pounds ) Hours Spent Fishing True or False : The production function becomes steeper as the number of hours spent fishing increases. D Tru False The fisherman has a fixed cost of $12 ( his pole). The opportunity cost of his time is $6 per hour. On the following graph, use the green points (triangle symbol) to graph the fisherman's total-cost curve at the following quantities of fish: 0, 11, 20, 25 , 28 , and 30 pounds . ? Total-Cost Curve True or False: The total-cost curve is increasing and convex because there are diminishing returns to fishing time. Total Cost of Fishing True O False Quantity of Fish ( Pounds )

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