Table 7.4 -Refer to Table 7.4.The Table Above Shows the Following Relationship

question 149

Essay

Table 7.4
-Refer to Table 7.4.The table above shows the following relationship between hours spent fishing and the quantity of fish caught for Juan, a commercial fisherman.
a.Complete the Marginal Product column in Table 7-4.
b.Characterise the production function, i.e.does the production function display increasing marginal returns, diminishing marginal returns, etc.
c.Using the data above, graph Juan's marginal product curve.Be sure to label the horizontal and vertical axes.Is your graph consistent with your answer to part (b)? Explain.
d.Juan uses the following inputs for fishing - a small wooden boat (B), a fishing pole (P)and of course, his labour (L).Treating the boat and the fishing pole as fixed inputs and using the data above, graph Juan's Total Product of labour curve.Be sure to label the horizontal and vertical axes.
e.(Extra Credit)The opportunity cost of Juan's time is $8 per hour.If Juan receives $2 per metric for his fish, what is the optimal number of hours he should spend fishing? Explain how you arrived at your answer.Hint: Recall marginal benefit and marginal cost analysis.
__________________________________________________________________________________________________________________________________________________________________________________________

---

Definitions:

Novel

A lengthy fictional narrative, usually in prose form, that explores characters and their interactions in a certain setting and plot.

Haymarket Affair

Violence during an anarchist protest at Haymarket Square in Chicago on May 4, 1886; the deaths of eight, including seven policemen, led to the trial of eight anarchist leaders for conspiracy to commit murder.

Labor Movement

The Labor Movement is a social and political movement advocating for the rights of workers, including better wages, working conditions, and labor laws, significant in improving the lives of workers worldwide.

Un-American

A term used to describe actions, behaviors, or beliefs that are considered to significantly deviate from or oppose what is perceived as typical American ideals or values.