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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.
The market price of fish falls to 33.33¢ a kilogram, but the packers' wage rate remains at $7.50 an hour.
At Wanda's fish store, packers' wages increase to $10 an hour, but the price of fish remains at 50¢ a kilogram.
a. What happens to the value of marginal product of labour?
b. What happens to Wanda's demand for labour curve?
c. How many students does Wanda's employ?
Consider the scenario. Janice works in the production department of a book printing firm. Her role involves collating printed documents, binding them and preparing them ready for shipment to the customer.
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a. sketch the aggregate demand short-run aggregate supply and long-run aggregate supply of an economy in long-run
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Were the results fair to your supervisor? What are the main areas for improvement for your supervisor based on your results?
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Write a paper of 1,600-1,750 words in which you discuss why Blue Ocean organizations successfully create sustainable competitive advantage when other organizations fail.
The paper should include at least one graph developed in our course and define all economic concepts used to build your argument. Possible graphs/concepts/theories to use in your paper include:
Bank case analysis: first national bank
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