In this example, there is a fishing business whose "product" is catching fish. Assume a fishing company's daily cost of operating a fishing boat is $250 and that the fishing company has up to five (5) boats to send out to catch fish Given the data below on the total fish catch associated with different numbers of boats, calculate the marginal product of each boat and the marginal cost of catching each additional fish Total Product No. of Boats Total Fish Catch) Marginal Product per boat) Totsl Cost (TC) Marginal Cost per fish $250/25=320 $250 25-0=25] 45-25=/201 $250/20 =$12.5 60-45=15 $250/25=16.7 25 $500 45 $750 60 70-60=10 $250/20 25 $2,000 70 75-70 =15 $250/5 =S S. $1,250 %3D 75

In this example, there is a fishing business whose "product" is catching fish. Assume a fishing company's daily cost of operating a fishing boat is $250 and that the fishing company has up to five (5) boats to send out to catch fish Given the data below on the total fish catch associated with different numbers of boats, calculate the marginal product of each boat and the marginal cost of catching each additional fish Total Product No. of Boats Total Fish Catch) Marginal Product per boat) Totsl Cost (TC) Marginal Cost per fish $250/25=320 $250 25-0=25] 45-25=/201 $250/20 =$12.5 60-45=15 $250/25=16.7 25 $500 45 $750 60 70-60=10 $250/20 25 $2,000 70 75-70 =15 $250/5 =S S. $1,250 %3D 75

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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