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1 . Problems and Applications Q3

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

Hours	Quantity of Fish
(Pounds)
0	0
1	10
2	19
3	25
4	27
5	28

Complete the following table with the marginal product of each hour spent fishing.

Hours	Quantity of Fish	Marginal Product
(Pounds)	(Pounds)
0	0
1	10
2	19
3	25
4	27
5	28

On the following graph, use the blue points (circle symbol) to graph the fisherman's production function.

Production Function012345302724211815129630Quantity of Fish (Pounds)Hours Spent Fishing

30 O 27 Production Function 24 21 18 Quantity of Fish (Pounds) 15 12 O 2 3 Hours Spent Fishing? 28 A 24 Total-Cost Curve 20 16 Total Cost of Fishing 12 8 12 18 24 30 Quantity of Fish (Pounds)