3. Suppose that Wanda owns a fish shop and that she employs students to sort and pack fish.Students can pack the following amounts of fish in an hour.Quantity ofFish (pounds)Number ofStudentsMPVMPMRPMRC1202503904120145616571808.190a. Fill in the table above if Wanda can sell fish for $.50 per pound and fish packers pay workers$8.00 per hour.b. How many workers will Wanda hire? Why?

To maximize profit a firm should employ the quantity of a resource at which its marginal revenue…

3. Suppose that Wanda owns a fish shop and that she employs students to sort and pack fish. Students can pack the following amounts of fish in an hour. Number of Quantity of Fish (pounds) Students MP VMP MRP MRC 1 20 50 3 90 4 120 5 145 6 165 7 180 190 a. Fill in the table above if Wanda can sell fish for $.50 per pound and fish packers pay workers $8.00 per hour. b. How many workers will Wanda hire? Why?

3. Suppose that Wanda owns a fish shop and that she employs students to sort and pack fish. Students can pack the following amounts of fish in an hour. Number of Quantity of Fish (pounds) Students MP VMP MRP MRC 1 20 50 3 90 4 120 5 145 6 165 7 180 190 a. Fill in the table above if Wanda can sell fish for $.50 per pound and fish packers pay workers $8.00 per hour. b. How many workers will Wanda hire? Why?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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