At Wanda’s fish store, packers’ wages increase to

$17.50 an hour, but the price of fish remains at

$1 a pound.

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

b. What happens to Wanda’s demand for labor curve?

c. How many students does Wanda’s employ?

The market price of fish falls to 66¢ a pound, but the packers’ wage rate remains at $12.50 an hour.

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

The fish market is competitive and the price of fish is $1 a pound. The market for packers is competitive and their market wage rate is $12.50 an hour.

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Number of students 1234 IOGT 00. 2 3 5 6 7 8 Quantity of fish packed (pounds) 20 50 90 120 145 165 180 190