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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.

At Wanda's fish store, packers' wages increase to $10 an hour, but the price of fish remains at 50¢ a kilogram.

a. What happens to the value of marginal product of labour?

b. What happens to Wanda's demand for labour curve?

c. How many students does Wanda's employ?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92423224
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