Fill out microeconomics table | Economics homework help

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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