Use the information below to answer the following questions.
Fact 17.2.1
Wanda's is a fish store that hires students to pack the fish.The fish market is competitive.Originally the price is 50¢ a kilogram.The market for packers is competitive and their market wage rate is $7.50 an hour.Then the market price of fish falls to 33.33¢ a kilogram but the wage rate of fish packers remains at $7.50 an hour.
-Refer to Fact 17.2.1.As a result,the students' marginal product ________ and the students' value of marginal product ________.

Question

Quizplus · Accepted Answer

The students' marginal product, which is the additional amount of fish they can pack per hour, does not change because their ability to pack fish is not affected by the market price of fish. However, the value of their marginal product decreases because the market price of fish, which determines the value of each additional kilogram of fish they pack, has fallen.

Use the Information Below to Answer the Following Questions