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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
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
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