Daad Karim is a fisherman in Gawadar. Following is the relationship between the hours and he and his son spend on fishing and the quantity of fish caught: Hours Quantity of fish in Kilograms 0 0 1 5 2 9 3 12 4 14 5 15 What is marginal product of each hour spent fishing? Use these data to graph Daad Karim’s production function. Explain its shape. Daad Karim has a fish net worth Rs.5000 which is his fixed cost. The opportunity cost of his time and that of his son is Rs.100 per hour. Graph his total cost curve and explain its shape
Daad Karim is a fisherman in Gawadar. Following is the relationship between the hours and he and his son spend on fishing and the quantity of fish caught: Hours Quantity of fish in Kilograms 0 0 1 5 2 9 3 12 4 14 5 15 What is marginal product of each hour spent fishing? Use these data to graph Daad Karim’s production function. Explain its shape. Daad Karim has a fish net worth Rs.5000 which is his fixed cost. The opportunity cost of his time and that of his son is Rs.100 per hour. Graph his total cost curve and explain its shape
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 5P
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Daad Karim is a fisherman in Gawadar. Following is the relationship between the hours and he and his son spend on fishing and the quantity of fish caught:
Hours |
Quantity of fish in Kilograms |
0 |
0 |
1 |
5 |
2 |
9 |
3 |
12 |
4 |
14 |
5 |
15 |
- What is marginal product of each hour spent fishing?
- Use these data to graph Daad Karim’s production function. Explain its shape.
- Daad Karim has a fish net worth Rs.5000 which is his fixed cost. The
opportunity cost of his time and that of his son is Rs.100 per hour. Graph his total cost curve and explain its shape
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