please show me complete and neat solution thank you 1. Wanda owns a fish shop and employs workers to sort and pack fish. Workers can pack thefollowing amounts of fish in an hour:Number ofWorkers12Ten35678Quantity of Fish(pounds)205090120145165180190MPLVMPL P=50 VMPL P=33.3cents/pound cents/pounda. Please fill-in columns 2 and 3 in the table above.b. If Wanda can sell her fish for 50 cents a pound, how many workers will Wanda hire ifthe wage is $7.50 per hour? Indicate why Wanda will hire this number of workers.c. If workers wage increases to $10 per hour, how many workers does Wanda hire andwhy?d. Suppose the market price for fish falls to 33.3 cents per pound. Please fill in the lastcolumn above. Now how many workers will Wanda hire if the wage is $10 per hour andwhy?e. If the Wanda is one of 500 firms in the fish market, how many workers will be employedin the fish market at the market price and wage per worker indicated in #4? Showsolution.

The marginal product of labor (MPL) measures the change in the total product due to a change in…

Answered: Wanda owns a fish shop and employs…

Wanda owns a fish shop and employs workers to sort and pack fish. Workers can pack the following amounts of fish in an hour:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

please show me complete and neat solution thank you

1. Wanda owns a fish shop and employs workers to sort and pack fish. Workers can pack the
following amounts of fish in an hour:
Number of
Workers
1
2
Ten
3
5
6
7
8
Quantity of Fish
(pounds)
20
50
90
120
145
165
180
190
MPL
VMPL P=50 VMPL P=33.3
cents/pound cents/pound
a. Please fill-in columns 2 and 3 in the table above.
b. If Wanda can sell her fish for 50 cents a pound, how many workers will Wanda hire if
the wage is $7.50 per hour? Indicate why Wanda will hire this number of workers.
c. If workers wage increases to $10 per hour, how many workers does Wanda hire and
why?
d. Suppose the market price for fish falls to 33.3 cents per pound. Please fill in the last
column above. Now how many workers will Wanda hire if the wage is $10 per hour and
why?
e. If the Wanda is one of 500 firms in the fish market, how many workers will be employed
in the fish market at the market price and wage per worker indicated in #4? Show
solution.

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