(Answered) You are an economic consultant and encounter a firm with

Economics

You are an economic consultant and encounter a firm with the following data:

Quantity of Labor	Fixed Costs	Variable Costs	Total Costs	Quantity	Marginal Costs
5	$150			20
6	$150			28
7	$150			34
8	$150			38

The wage rate is $8 per unit. Fill in the rest of the table.

The price-quantity combination is as follows:

Fill in the rest of the table

Price	Quantity	TR	MR
$10.50	20
$9.24	28
$7.87	34
$6.33	38

What is the profit-maximizing price and quantity and what is the profit at that point?

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