A commercial fisherman charts the following relationship between hours spent and the quantity of fish caught per trip.

a. What is the marginal product of each hour spent fishing?

b. Using these data, graph the fisherman’s production function. Explain the shape of the production function.

c. Assume the fisherman has a fixed cost of €500 for their boat and the opportunity cost of their time is €10 per hour.
Graph the fisherman’s total cost curve and explain its shape.

Transcribed Image Text:

Hours Quantity of fish caught (kilos) 0 0 1 20 2 36 3 48 4 56 5 60