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Help! Quantity of Fish (Pounds) Hours 0 0...

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Accounting

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Quantity of Fish (Pounds) Hours 0 0 1 11 2 20 3 25 4 28 5 5 30 Complete the following table with the marginal product of each hour spent fishing, Quantity of Fish Marginal Product Hours (Pounds) (Pounds) 0 0 1 11 MA 2 20 3 25 4 28 5 30 On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. ? 30 27 24 Production Function 21 18 Quantity of Fish (Pounds) 15 12 9 6 3 0 0 0 1 5 2 Hours Spent Fishing True or False: The production function becomes flatter as the number of hours spent fishing increases. True False 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 quantities of fish: 0, 11, 20, 25, 28, and 30 pounds 12 30 Total-Cost Curve 30 24 Total Cost of Fishing 10 12 24 30 12 18 Quantity of Fish (Pounds) True or False: The total cost curve is increasing and convex because there are diminishing returns to fishing time. True False

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