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The fish market is competitive and the price of fish is 50

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.

How does the students' marginal product change? How does the value of marginal product of labour change?

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Microeconomics: The fish market is competitive and the price of fish is 50

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