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.

BuyFind

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305156050
BuyFind

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305156050

Solutions

Chapter
Section
Chapter 13, Problem 3PA
Textbook Problem

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.

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 13 Solutions

Principles of Microeconomics

Additional Business Textbook Solutions

Find more solutions based on key concepts
Compare the four forms of competition.

Foundations of Business (MindTap Course List)

PRO FORMA INCOME STATEMENT Austin Grocers recently reported the following 2014 income statement (in millions of...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is the relationship between the revenue and expense accounts and the owners equity account?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

What is a nondiscretionary bonus?

PAYROLL ACCT.,2019 ED.(LL)-TEXT

What is an operational productivity measure? A financial measure?

Cornerstones of Cost Management (Cornerstones Series)