The fisherman has a fixed cost of $8 (his pole). The opportunity cost of his time is $4 per hour.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, 10, 19, 25, 27, and 28 pounds.**Graph Explanation:**- The graph is a Cartesian plane with the x-axis labeled "Quantity of Fish (Pounds)" ranging from 0 to 30.- The y-axis is labeled "Total Cost of Fishing" and ranges from 0 to 28.- There is a green triangle labeled "Total-Cost Curve" indicating where to plot points on the graph. **Table Data and Calculation for Educational Purposes**The image contains two tables related to fishing productivity. Here’s a detailed breakdown:### First Table: Quantity of Fish This table illustrates the relationship between the hours spent fishing and the quantity of fish caught, measured in pounds.| Hours | Quantity of Fish (Pounds) ||-------|---------------------------|| 0 | 0 || 1 | 10 || 2 | 19 || 3 | 25 || 4 | 27 || 5 | 28 |### Second Table: Marginal Product CalculationThis table requires filling in the marginal product, which is the additional quantity of fish caught per additional hour spent fishing.| Hours | Quantity of Fish (Pounds) | Marginal Product (Pounds) ||-------|---------------------------|---------------------------|| 0 | 0 | || 1 | 10 | || 2 | 19 | || 3 | 25 | || 4 | 27 | || 5 | 28 | |#### Instructions for Completing the Table:1. The marginal product for each hour is calculated by subtracting the previous total quantity of fish from the current total quantity.2. For instance, the marginal product for the 1st hour is $10 - 0 = 10$ pounds.3. This process is continued for each subsequent hour.**Note:** Completing this table provides insight into the law of diminishing returns, as additional hours result in progressively fewer fish being caught.

The total cost curve is the curve in economics, where the relationship between cost incurred and total quantity produced is shown. It depicts various points at which one can know, what amount of cost was incurred to produce a certain amount of output.To draw the Fisherman's total cost curve, consider the given table :HoursQuantity of fish (pounds)TC 0081101221916325204272452828Now plot these points on the graph, to obtain the total cost curve.On the X axis take the quantity of fish and on the Y axis take the total cost.Join points to obtain the TC curve.To calculate the marginal product, consider the table given and apply the simple formula: , Find for all values:HoursQuantity of fish (pounds)MP000110102199325642725281Final Answer:(A)Graph plotted to obtain TC curve, refer to diagram.(B)Marginal products will be 0, 10, 9, 6, 2, and 1 respectively.

Answered: Complete the following table with the…

Business

Economics

Complete the following table with the marginal product of each hour spent fishing. Quantity of Fish Marginal Product (Pounds) (Pounds) Hours 0 1 2 3 4 5 0 10 19 25 27 28 AAAAA

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hours 0 1 23 4 5 Hours 0 1 2 3 4 Quantity of Fish (Pounds) 0 5 10 Complete the following table with the marginal product of each hour spent fishing. Quantity of Fish Marginal Product (Pounds) (Pounds) 19 25 27 28 0 10 19 25 27 28 AAAAA
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