A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Quantity of Fish (Pounds) 0 0 1 11 2 20 3 25 4 28 5 30 Complete the following table with the marginal product of each hour spent fishing. Hours Quantity of Fish Marginal Product (Pounds) (Pounds) 0 0 1 11 2 20 3 25 4 28 5 30 Graph #1 On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. (graph #1 blue point = Prodution function) The production function becomes ( flatter , steeper ) ? as the number of hours spent fishing increases. The fisherman has a fixed cost of $12 (his pole). The opportunity cost of his time is $6 per hour. Graph #2 On the following graph, use the green points (triangle symbol) to graph the fisherman's total-cost curve at the following quantities of fish: 0, 11, 20, 25, 28, and 30 pounds. ( green triangle symbol = total -cost curve ) True or False: The total-cost curve is increasing and convex because there are diminishing returns to fishing time. True 0r False
A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Quantity of Fish (Pounds) 0 0 1 11 2 20 3 25 4 28 5 30 Complete the following table with the marginal product of each hour spent fishing. Hours Quantity of Fish Marginal Product (Pounds) (Pounds) 0 0 1 11 2 20 3 25 4 28 5 30 Graph #1 On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. (graph #1 blue point = Prodution function) The production function becomes ( flatter , steeper ) ? as the number of hours spent fishing increases. The fisherman has a fixed cost of $12 (his pole). The opportunity cost of his time is $6 per hour. Graph #2 On the following graph, use the green points (triangle symbol) to graph the fisherman's total-cost curve at the following quantities of fish: 0, 11, 20, 25, 28, and 30 pounds. ( green triangle symbol = total -cost curve ) True or False: The total-cost curve is increasing and convex because there are diminishing returns to fishing time. True 0r False
Chapter13: Factor Markets: With Emphasis On The Labor Market
Section13.1: Factor Market
Problem 2ST
Related questions
Question
100%
A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught:
|
Hours
|
Quantity of Fish
|
|---|---|
|
(Pounds)
|
|
| 0 | 0 |
| 1 | 11 |
| 2 | 20 |
| 3 | 25 |
| 4 | 28 |
| 5 | 30 |
Complete the following table with the marginal product of each hour spent fishing.
|
Hours
|
Quantity of Fish
|
Marginal Product
|
|---|---|---|
|
(Pounds)
|
(Pounds)
|
|
| 0 | 0 | |
|
|
||
| 1 | 11 | |
|
|
||
| 2 | 20 | |
|
|
||
| 3 | 25 | |
|
|
||
| 4 | 28 | |
|
|
||
| 5 | 30 | |
Graph #1
On the following graph, use the blue points (circle symbol) to graph the fisherman's production function.
(graph #1 blue point = Prodution function)
The production function becomes ( flatter , steeper ) ? as the number of hours spent fishing increases.
The fisherman has a fixed cost of $12 (his pole). The opportunity cost of his time is $6 per hour.
Graph #2
On the following graph, use the green points (triangle symbol) to graph the fisherman's total-cost curve at the following quantities of fish: 0, 11, 20, 25, 28, and 30 pounds. ( green triangle symbol = total -cost curve )
True or False: The total-cost curve is increasing and convex because there are diminishing returns to fishing time.
True
0r
False
Transcribed Image Text:0.
0.
1
11
2.
20
25
4
28
30
Complete the following table with the marginal product of each hour spent fishing.
Quantity of Fish
(Pounds)
Marginal Product
(Pounds)
Hours
0.
0.
1
11
20
25
4.
28
30
Transcribed Image Text:The production function becomes
▼ as the number of hours spent fishing increases.
The fisherman has a fixed cost of $12 (his pole). The opportunity cost of his time is $6 per hour.
On the following graph, use the green points (triangle symbol) to graph the fisherman's total-cost curve at the following g
25, 28, and 30 pounds.
42
36
Total-Cost Curve
30
24
18
Total Cost of F ishing
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax