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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.
a. Find Wanda's demand for labour curve.
b. How many students does Wanda's employ?
)Determine the range of prices for which the firm earns a profit. 3) Calculate the profit maximizing output and the resulting profit when price is $101.
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