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A commercial fisherman notices the following relationships between hours spent fishing and the quantity of fish caught (see table below). What is the marginal product
A commercial fisherman notices the following relationships between hours spent fishing and the quantity of fish caught (see table below).
- What is the marginal product of each hour spent finishing?
- Assuming the worth of the fisherman's time is $10 per hour compute the marginal cost of catching a fish.
- How many hours should the fisherman work if fish can be sold for $3 each?
HoursFish caughtMarginal Product Marginal cost (per one fish)
00not availablenot available
110
216
322
425
527
628
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