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Calculate the value of marginal product of labour

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Reference no: EM133217553

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

Number of Students Quantity of Fish Packed (Pounds)

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 cents a pound. The market for packers is competitive and their market wage rate is $7.50 an hour.

a. Calculate the value of marginal product of labour and draw the value of marginal product curve. b. Find Wanda's demand for labour curve. How many students does Wanda's employ?

Reference no: EM133217553

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