A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught:
Hours | Quantity of Fish (in pounds) |
0 hours | 0 lb. |
1 | 10 |
2 | 18 |
3 | 24 |
4 | 28 |
5 | 30 |
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.
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