Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Economics


Home >> Microeconomics

Question: Wanda's is a fish store that hires students to pack the fish. Students can pack the following amounts of fish:

Number of           Quantity of fish packed
 students              (kilograms per hour)

1                                    20

2                                    50

3                                    90

4                                  120

5                                  145

6                                  165

7                                  180

8                                  190

The fish market is competitive and the price of fish is 50¢ a kilogram. The market for packers is competitive and their market wage rate is $7.50 an hour.

The market price of fish falls to 33.33¢ a kilogram, but the packers' wage rate remains at $7.50 an hour.

How does the students' marginal product change? How does the value of marginal product of labour change?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92423220
  • Price:- $20

Priced at Now at $20, Verified Solution

Have any Question?


Related Questions in Microeconomics

Question how do you think the problem of moral hazard might

Question: How do you think the problem of moral hazard might have affected the safety of sports such as football and boxing when safety regulations started requiring that players wear more padding? The response must be t ...

Question you have just been hired by a company to evaluate

Question: You have just been hired by a company to evaluate the way the company treats its employees, suppliers, and customers. Create an analysis of the ethical theories the company would want to use to show the employe ...

Question the town of lookout mountain georgia had become a

Question: The town of Lookout Mountain, Georgia, had become a desirable place to live, and property owners were subdividing some of their land within the city limits in order to build new homes. However, after some peopl ...

Question select a developed country that has implemented a

Question: Select a developed country that has implemented a tariff and a developing country that manufactures products that are affected by that same tariff. Investigate the impact of the trade barrier on the developing ...

Question the banking sector was deregulated in 1982 before

Question: The banking sector was deregulated in 1982. Before then, the US economy had eight recessions in the post-WWII period, an average of one recession every 4½ years. Since then, there have been only two recessions ...

Question after the korean won devalued by approximately 50

Question: After the Korean won devalued by approximately 50% in late 1997 and the economy plunged into a severe recession in 1998, the economy rebounded strongly, with the growth rate returning to 9.3% in 2000. Without b ...

Question imagine that you are the administrator of a city

Question: Imagine that you are the administrator of a city hospital and you have been asked by your hospital's legal counsel to prepare a presentation for your hospital's medical team that discusses negligence in the hea ...

Question why is an understanding of development crucial to

Question: Why is an understanding of development crucial to policy formulation in developing nations? Do you think it is possible for a nation to agree on a rough definition of developmentand orient its strategies accord ...

Question why does the government create monopoly power via

Question: Why does the government create monopoly power via its patent system, when elsewhere it spends millions trying to prevent the emergence of or regulate monopoly power? The response must be typed, single spaced, m ...

Question very time we have to make a choice we are faced

Question: Very time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life, identify a situation where you were presented with a choice, the opportunity cost of the cho ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved