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Refer to the profit maximization table below. A lobster catch is sold by a fisher at $15 per kilogram. a. Fill in the table, writing
Refer to the profit maximization table below. A lobster catch is sold by a fisher at $15 per kilogram. a. Fill in the table, writing out dollars and cents e.g. $1.00 or $0.10. Remember to Include a minus (-) sign for any negative entries and to round 0.005 up to 0.01. (7) (8) (1) (2) (3) (4) (5) (6) Average Fixed Average (9) (10) Price Quantity Total Fixed Cost Variable Total Cost Cost Variable Cost Average Cost Marginal Cost ($ per kg) (kg per day) Revenue ($) ($) Cost ($) ($) ($ per kg) ($ per kg) ($ per kg) ($ per kg) 15 0 1, 400 15 200 3, 700 15 400 5, 000 10090 15 600 6, 700 15 300 9, 100 15 1, 000 12, 700 b. Draw the fisher's marginal revenue, marginal cost, and average cost curves in the graph below. Using the tools provided plot only the 2 endpoints for the marginal revenue curve and 5 points each for the marginal cost and average cost curves for a total of 12 points. Remember that marginal values such as marginal cost are plotted halfway between the two relevant quantity levels on the horizontal axis.i Revenue and Cost for a Fisher 20 Tools MC AC 15 MR $ per Kg 10 5 200 400 600 800 1000 1200 Quantity (Kgs per Day) c. This fisher's profit-maximizing quantity is (Click to select) | kilograms. At this quantity, the fisher is making a (Click to select) > of $ Click to select) profit d. Does this fisher stay in business in the long run? OSS O Yes O No
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