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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
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