Calculate the value of marginal product of labor and draw the value of 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