The image shows a graph for plotting a fisherman’s production function. The graph is titled "Production Function" and is intended for educational purposes.**Graph Details:**- **X-axis:** Represents the "Hours Spent Fishing" and ranges from 0 to 5.- **Y-axis:** Represents the "Quantity of Fish (Pounds)" and ranges from 0 to 30.- **Data Points:** Users are instructed to use blue points (circle symbols) to plot the graph.**Instructions:**- Users should plot the relationship between the hours spent fishing and the quantity of fish caught.- The task involves observing how the production function changes as more hours are spent fishing.**Note:**- There is a placeholder at the bottom of the graph area that states: "The production function becomes [blank] as the number of hours spent fishing increases." This implies users need to determine the nature of the function's change, e.g., increasing or decreasing returns.This graph is a helpful tool for understanding how effort and time correlate with output in a practical context like fishing. **Fishing Productivity Analysis**The table below illustrates the amount of fish caught over time, measured in hours. The data is essential for calculating the marginal product of each additional hour spent fishing.**Table: Quantity of Fish**| Hours | Quantity of Fish (Pounds) ||-------|---------------------------|| 0 | 0 || 1 | 10 || 2 | 19 || 3 | 25 || 4 | 27 || 5 | 28 |**Task:**Complete the following table by calculating the marginal product for each hour. The marginal product is defined as the increase in quantity of fish caught by spending one more hour fishing.**Table: Marginal Product of Fishing**| Hours | Quantity of Fish (Pounds) | Marginal Product (Pounds) ||-------|---------------------------|---------------------------|| 0 | 0 | || 1 | 10 | || 2 | 19 | || 3 | 25 | || 4 | 27 | || 5 | 28 | |For each hour, subtract the quantity of fish from the previous hour to determine the marginal product. This exercise helps understand the concept of diminishing returns, showing how each additional hour contributes progressively less to the total catch.

The hours required for the production of a certain quantity of fish is given as follows. HoursQuantity of Fish00110219325427528The marginal rate of production for the given table is determined by substracting the production of current period against the production of the previous period.Therefore, the table can be completed as follows. HoursQuantity of FishMarginal Production Rate00110(10 - 0) = 10219(19 - 10) = 9325(25 - 19) = 6427(27 - 25) = 2528(28 - 27) = 1For the given production table, the graphical representation of the production function can be stated as follows. Thus, based on the above diagram, it can be seen that the production function is gradually getting flatter as the numbe of hours spent increases. The complete table isHoursQuantity of FishMarginal Production Rate00110 102199325642725281The graphical representation of the production function is The production function gets flatter with the increase in number of hours spent over fishing.

Business

Economics

On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. Quantity of Fish (Pounds) 30 27 24 21 18 S 6 3 0 0 1 2 3 Hours Spent Fishing The production function becomes 4 1 5 Production Function ? as the number of hours spent fishing increases.

On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. Quantity of Fish (Pounds) 30 27 24 21 18 S 6 3 0 0 1 2 3 Hours Spent Fishing The production function becomes 4 1 5 Production Function ? as the number of hours spent fishing increases.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: a car 40 miles down the road as opposed to paying 2 people to push the car 40 miles down the road.…

Q: What is marginal product, and what does it mean if it is diminishing?

A: The marginal product is determined by the change in total output as one additional input is used in…

Q: A production process uses two inputs, labor and capital. If the marginal product of labor per dollar…

A: Marginal productivity refers to the additional output produced by using one more unit of input while…

Q: do fast

A: The objective of the question is to calculate the marginal product of the 40th input item. In…

Q: decreasing returns to scale

A: Decreasing returns to scale is an idea in economics that describes a state of affairs where…

Q: Draw the production function of Bruno’s firm. Your diagram should have the number of workers on the…

A: Production function refers to the functional relationship between input and output.

Q: charlie is running a coffe shop and are currently selling 200 coffees. it cost them 2,0000 to hire a…

A: Fixed cost is the part of total cost that does not depend on output produced. It remains fixed even…

Q: An appliance manufacturing business requires both machines and labor to produce finished products.…

A: An isoquant curve depicts the combination of capital and labor results in the same level of output.…

Q: According to the law of diminishing returns, if a factory keeps adding more workers while keeping…

A: The law of diminishing returns is an economic concept that explains the relationship between inputs…

Q: Consider the following production function: y = f(L, K) = L0K5, where L is the amount of labor that…

A: Production function: y = L0.4K0.5 Differentiate y w.r.t L to get MPL MPL = dy / dL => MPL = 0.4…

Q: The marginal, or additional, gain from Riley's second hour spent working, from 8:00 AM to 9:00 AM,…

A: The marginal gain refers to the additional gain that arises from additional hours of work being put…

Q: Given the following production function, complete the missing values. Labour Quantity of chicken per…

A: Total Production refers that total production by using the given factor and the average production…

Q: Each extra worker produces an additional unit of output up to six workers. As more workers are…

A: The total product basically refers to the total output of a good or service produced by a firm. When…

Q: Only typed answer and please don't use chatgpt 10) Using the data in the above table, if the price…

A: Given, wage rate = $10 per unit cost of capital = $20 per unit Total Cost = Total cost of labor +…

Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…

A: In case of short-run average cost functions, the firm incurs two types of costs:-Fixed costs and…

Q: Make a graph that show the relationship between labor (horizontal axis) and total product, average…

A: [3]

Q: Use the following graph to illustrate the relationship between the cost per bag of potato chips and…

A: Average total cost refers to the approximate cost of production at different levels of output. It…

Q: A commercial fisherman notices the following relationship between hours spent fishing and the…

A: Marginal-productivity(MP) is the additional output produced for an additional unit of input. MP can…

Q: What is fixed cost? How would you calculate Fixed cost in a graph

A: Total Cost has two components in the short run 1)Total Fixed Cost and 2)Total Variable Cost . Each…

Q: I remember from my omics classes that average ble cost (AVC) is equal to: can you tell me the…

A: The variable cost is $60 per worker a day. At 90 units of output (i.e. when 90 cars are washed in a…

Q: Would a decrease in the wage rate (or some other short-run variable input price) shift down the…

A: Marginal Cost Curve: A graphical representation showing the additional cost incurred by producing…

Q: The production function expressed in the table below represents the amount of hot dogs Hot Dog on a…

A: Marginal product refers to change in total product or output by adding one more unit of input.

Q: What property does it display? O increasing returns diminishing returns O constant returns O…

A: A production function is a mathematical equation that describes the relationship between the…

Q: Question 8

A: The correct solution is option (b).

Q: Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for…

A: Total product is calculated in the below table. When labor increase from two to three workers, the…

Question

The image shows a graph for plotting a fisherman’s production function. The graph is titled "Production Function" and is intended for educational purposes.

**Graph Details:**
- **X-axis:** Represents the "Hours Spent Fishing" and ranges from 0 to 5.
- **Y-axis:** Represents the "Quantity of Fish (Pounds)" and ranges from 0 to 30.
- **Data Points:** Users are instructed to use blue points (circle symbols) to plot the graph.

**Instructions:**
- Users should plot the relationship between the hours spent fishing and the quantity of fish caught.
- The task involves observing how the production function changes as more hours are spent fishing.

**Note:**
- There is a placeholder at the bottom of the graph area that states: "The production function becomes [blank] as the number of hours spent fishing increases." This implies users need to determine the nature of the function's change, e.g., increasing or decreasing returns.

This graph is a helpful tool for understanding how effort and time correlate with output in a practical context like fishing.

**Fishing Productivity Analysis**

The table below illustrates the amount of fish caught over time, measured in hours. The data is essential for calculating the marginal product of each additional hour spent fishing.

**Table: Quantity of Fish**

| Hours | Quantity of Fish (Pounds) |
|-------|---------------------------|
| 0 | 0 |
| 1 | 10 |
| 2 | 19 |
| 3 | 25 |
| 4 | 27 |
| 5 | 28 |

**Task:**

Complete the following table by calculating the marginal product for each hour. The marginal product is defined as the increase in quantity of fish caught by spending one more hour fishing.

**Table: Marginal Product of Fishing**

| Hours | Quantity of Fish (Pounds) | Marginal Product (Pounds) |
|-------|---------------------------|---------------------------|
| 0 | 0 | |
| 1 | 10 | |
| 2 | 19 | |
| 3 | 25 | |
| 4 | 27 | |
| 5 | 28 | |

For each hour, subtract the quantity of fish from the previous hour to determine the marginal product.

This exercise helps understand the concept of diminishing returns, showing how each additional hour contributes progressively less to the total catch.

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!

SEE SOLUTION Check out a sample Q&A here

Step 1: State the information given

VIEW

Step 2: Complete the table

VIEW

Step 3: Graph the production function

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

the second picture with the graph is part 2 of the first.
First graph the related points, shown in the picture, the part I am confused in doing is how to find the marginal product of each of the first four workers and what the marginal product of each of the second workers.I thought the first set would be 7 and the second set would be 5 but then I noticed I need to do it based on the graph.How would I get both questions via the graph?
Suppose that Shen is a diligent hard - working first- year college student. One Friday, he decides to start the day by working through 300 practice problems to study for the econometrics class. Using a table to track his progress throughout the day, he notices that as the hours pass, takes him longer to solve the problems.Use the table to answer the following questions.
Graph the change on the production function when a firm decreases its labour
hi Suppose you build bird houses. One day, you double the time you spend building and double the wood, nails, paint, and all the other inputs in order to build twice as many bird houses. What kind of production function is this? options: increasing returns to scale constant returns to scale decreasing returns to scale zero returns to scale
1. Computing labor productivity and its relationship to the demand for labor Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Number of workers) (Shovels) 1 90 175. 245 4 300 325 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. ?) 400 360 Production Function 320 280 240 200 160 120 80 1 3. 4 5. LABOR (Number of workers) Calculate marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. OUTPUT (Shovels) 40
Typed plzzz and Asap Thanks
Explain Law of Diminishing Marginal Returns using the following example. The weekly number of repairs produced by a computer repair shop depends upon numberof workers.No of Workers No of Repairs1 02 83 204 355 456 527 578 60
Refer to the graph below: y2 The graph above illustrates a production set of a firm. (a) Which assumption(s) do(es) the production set violates? Explain. (b) Suppose the firm decided to scale all inputs up or down by some amount t > 0. What will happen to the level of output?
Consider the data points in the table below Y. 80.0 60.0 1.0 2.0 3.0 400 200 00 4.0 Graphing these points results in line that passes through the point (3.0, (Round your response to one decimal place) 5435
please help me solve this question step by step. Thank you
i dont use chatgpt i will 10 upvote