3. After graduation, Mitul went back to his village and started a commercial fishery.The relationship between hours spent fishing and the quantity of fishing caught:HoursQuantity of Fish (in Kgs)0 hoursO Kg10121824428a. What is the marginal product of each hour spent fishing?b. Mitul has a fixed cost of $10 (his pole). The opportunity cost of his time is $5 perhour. Graph the fisherman's total-cost curve.[5 marks]

Answered: Image /qna-images/answer/7db41dec-254a-4db6-8b7b-2a01d4622171.jpg

3. After graduation, Mitul went back to his village and started a commercial fishery. The relationship between hours spent fishing and the quantity of fishing caught: Quantity of Fish (in Kgs) O Kg 10 Hours O hours 1 2 18 24 4 28 a. What is the marginal product of each hour spent fishing? b. Mitul 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. (5 marksl

3. After graduation, Mitul went back to his village and started a commercial fishery. The relationship between hours spent fishing and the quantity of fishing caught: Quantity of Fish (in Kgs) O Kg 10 Hours O hours 1 2 18 24 4 28 a. What is the marginal product of each hour spent fishing? b. Mitul 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. (5 marksl

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.

Question

3. After graduation, Mitul went back to his village and started a commercial fishery.
The relationship between hours spent fishing and the quantity of fishing caught:
Hours
Quantity of Fish (in Kgs)
0 hours
O Kg
10
1
2
18
24
4
28
a. What is the marginal product of each hour spent fishing?
b. Mitul 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.
[5 marks]

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