? myMDC!Miami Dos 5% MIN DTAP Assessment 3 InterAmerican Summer A Black board IM

Question

? myMDC!Miami Dos 5% MIN DTAP Assessment 3 InterAmerican Summer A Black board IMOCG sus Textbook E Epson XP-430 Ink PoGO Alerts Network ? Pokémon Due on Tomorrow at 11:59 PM EDT 23. Problems and Applications Q3 I fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Quantity of Fish (Pounds) Hours 10 19 25 27 28 Complete the following table with the marginal product of each hour spent fishing Quantity of Fish Marginal Product (Pounds) Hours (Pounds) 10 19 25 27 28 Prtscn 8

Explanation / Answer

1. The Table of Marginal Product of each hour spent fishing is correct

2. Fisherman's Production function is also Correct and it is true that the production function becomes flatter as the number of hours spent fishing increases

3. Total Cost Curve graph is wrong.

Please pinpoint in graph like this

0 Quantiy of Fish --> $8 Total Cost of Fishing

10 Quantiy of Fish --> $12 Total Cost of Fishing

19 Quantiy of Fish --> $16 Total Cost of Fishing

25 Quantiy of Fish --> $20 Total Cost of Fishing

27 Quantiy of Fish --> $24 Total Cost of Fishing

28 Quantiy of Fish --> $28 Total Cost of Fishing

And the Answer is true because The Graph shows the fisherman's total-cost curve has an upward slope because catching additional fish takes additional time. The curve is convex because there are diminishing returns to fishing time because each additional hour spent fishing yields fewer additional fish.

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