Question
A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught using table below. The fisherman has a fixed
A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught using table below. The fisherman has a fixed cost of $10 (his pole). The opportunity cost of his time is $5/hour.
Hours 0 1 2 3 4 5
Quantity of fish (in pounds) 0 10 18 24 28 30
16. How many days of labor should the firm hire if the wage is $70/day of labor? 0 1 2 3 4 5 6 7 Can't tell
How many days of labor should the firm hire if the wage is $60/day of labor? 0 1 2 3 4 5 6 7 Can't tell
17. How many days of labor should the firm hire if the wage is $40/day of labor? 0 1 2 3 4 5 6 7 Can't tell
How many days of labor should the firm hire if the wage is $30/day of labor? 0 1 2 3 4 5 6 7 Can't tell
18. How many days of labor should the firm hire if the wage is $10/day of labor? 0 1 2 3 4 5 6 7 Can't tell
How many days of labor should the firm hire if the wage is $0/day of labor? 0 1 2 3 4 5 6 7 Can't tell
19. What happens to the demand curve for labor if the price of output rises to $12/unit?
It shifts leftIt shifts rightmove left along the Demand curvemove right along it
What is the value of the marginal product of labor for the 4th day of labor in part e.?
$7 $10 $30 $36 $60 $70 $72 $84 $100 $150
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started