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3. Problems and Applications Q3 A commercial fisherman notices the following relationship between hours spent fishing and theComplete the following table with the marginal product of each hour spent fishing. Quantity of Fish (Pounds) Marginal ProductOn the following graph, use the blue points (circle symbol) to graph the fishermans production function. A + Production FuncTrue or False: The production function becomes steeper as the number of hours spent fishing increases. O True O False The fisA Total-Cost Curve Total Cost of Fishing 24 30 12 18 Quantity of Fish (Pounds) True or False: The total-cost curve is increas

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Answer #1
H Q MP FC VC TC
0 0 12 0 12
1 11 11 12 6 18
2 20 9 12 12 24
3 25 5 12 18 30
4 28 3 12 24 36
5 30 2 12 30 42

A Production Function Quantity of Fish (Pounds) 2 Hours Spent Fishing

True

Total-Cost Curve Total Cost of Fishing 24 06 6 12 18 Quantity of Fish (Pounds)

False

2 6
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Answer #2
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