Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Question
Chapter 7, Problem 6SQ
To determine
Calculate the marginal product.
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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.
12. The number of repairs produced by a computer repair shopdepends on the number of workers as follows:NUMBER OF WORKERS NUMBER OF REPAIRS(PER WEEK)0 01 82 203 354 455 526 577 60Assume that all inputs (office space, telephone, and utilities)other than labor are fixed in the short run.a. Add two additional columns to the table and enter the marginalproduct and average product for each number of workers.b. Over what range of labor input are there increasingreturns to labor? diminishing returns to labor? negativereturns to labor?c. Over what range of labor input is marginal product greaterthan average product? What is happening to average productas employment increases over this range?d. Over what range of labor input is marginal product smallerthan average product? What is happening to average productas employment increases over this range?
Farmer Greene faces diminishing marginal product.If she plants no seeds on her farm, she gets noharvest. If she plants 1 bag of seeds, she gets3 bushels of wheat. If she plants 2 bags, she gets5 bushels. If she plants 3 bags, she getsa. 6 bushels.b. 7 bushels.c. 8 bushels.d. 9 bushels.
Chapter 7 Solutions
Microeconomics For Today (MindTap Course List)
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQ
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