Wanda owns a fish shop. She employs students to sort and pack the fish. Students can pack the following amounts of fish in an hour. Wanda can sell her fish for 33.33 cents a pound, and the wage rate of packers is $7.50 an hour.
|
Number of students
|
Quantity of fish (pounds)
|
Marginal product of the students
|
Marginal revenue product of the students
|
|
1
|
20
|
|
|
|
2
|
50
|
|
|
|
3
|
90
|
|
|
|
4
|
120
|
|
|
|
5
|
145
|
|
|
|
6
|
165
|
|
|
|
7
|
180
|
|
|
|
8
|
190
|
|
|
a. Calculate the marginal product and the marginal revenue product of the students, then fill out the last two blank columns.
b. How many students does Wanda employ?