Principles of Microeconomics
Principles of Microeconomics
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.
Subpart (a):
Table -1 show the data of hours spending for fishing and the quantity of fish caught.
Table -1
| Hours | Quantity of fish |
| 0 | 0 |
| 1 | 10 |
| 2 | 18 |
| 3 | 24 |
| 4 | 28 |
| 5 | 30 |
Marginal product can be calculated by using the following formula:
Substitute the respective values in equation (1) to calculate the marginal product for 1 hour.
Thus, the value of marginal product for 1 hour is $10
Subpart (b):
Subpart (c):
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