In order to determine whether time is being spent optimally, a commercial fisherman has recorded the following information over the past year: "hours spent fishing" and "quantity of fish caught." What is the marginal product of fishing for hour spent?

Hours/day	Total Quantity of Fish (tons)	Marginal Product
0	0
1	10
2	18
3	24
4	28
5	30
6	31

The fisherman has a fixed cost of $200 per day and variable costs of $150 per hour (wages and fuel).

Fill in the information missing in the following table.

Hours/ day	Total Fixed Costs	Total Variable Costs	Total Costs	Marginal Costs
0
1
2
3
4
5
6

The fish sell for $100 a ton. How many hours fishing per day he work in order to earn a maximum profit on his day's activity? And how much is that profit?

Answer rating: 100% (QA)

Marginal product of fishing for hour spent Marginal product is the change in total output or product ... View the full answer