Calculate the marginal product of the students and draw the marginal product curve. Wanda owns a fish

Question:

Calculate the marginal product of the students and draw the marginal product curve.
Wanda owns a fish store. She employs students to sort and pack the fish. Students can pack the amounts of fish shown in the table. The fish market is competitive and the price of fish is 50¢ a pound. The market for packers is competitive and their market wage rate is $7.50 an hour.
Number of students Quantity of fish
(pounds)
1……………………… 20
2……………………… 50
3……………………… 90
4……………………… 120
5……………………… 145
6……………………… 165
7……………………… 180
8……………………… 190
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Microeconomics

ISBN: 978-0133019940

11th edition

Authors: Michael Parkin

Question Posted: