A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught using table below. The fisherman has a fixed cost of $10 (his pole). The opportunity cost of his time is $5/hour.

Hours 0 1 2 3 4 5

Quantity of fish (in pounds) 0 10 18 24 28 30

16. How many days of labor should the firm hire if the wage is $70/day of labor? 0 1 2 3 4 5 6 7 Can't tell

How many days of labor should the firm hire if the wage is $60/day of labor? 0 1 2 3 4 5 6 7 Can't tell

17. How many days of labor should the firm hire if the wage is $40/day of labor? 0 1 2 3 4 5 6 7 Can't tell

How many days of labor should the firm hire if the wage is $30/day of labor? 0 1 2 3 4 5 6 7 Can't tell

18. How many days of labor should the firm hire if the wage is $10/day of labor? 0 1 2 3 4 5 6 7 Can't tell

How many days of labor should the firm hire if the wage is $0/day of labor? 0 1 2 3 4 5 6 7 Can't tell

19. What happens to the demand curve for labor if the price of output rises to $12/unit?

It shifts leftIt shifts rightmove left along the Demand curvemove right along it

What is the value of the marginal product of labor for the 4th day of labor in part e.?

$7 $10 $30 $36 $60 $70 $72 $84 $100 $150