Assume you are the manager of a firm producing a certain product X. The following schedule shows the total production pe

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Assume you are the manager of a firm producing a certain product X. The following schedule shows the total production per week of product X. Additionally, assume each unit of product X sells for $15 per unit, workers can be hired in a competitive labor market for $150 per week, and each unit of capital costs $100 per week.
Based on the information above, answer the following questios.
Principle of profit maximization input usuage
To maximize profits, a manager should use inputs at levels at which the marginal benefit equals the marginal cost. More specifically, when the cost of each additional unit of labor is W, the manager should continue to employ labor up to the point
where VMPL = W in the range of diminishing marginal product.
1.Using the profit-maximization input usage principle, determine how many workers should be hired? Clearly explain your answer!
2.What will be your firm's maximum profit? Clearly explain your answer!
3.Suppose that workers unionized and were able to get a new weekly wage of $200. How will the new weekly wage affect the number of workers hired? How will the new weekly wage affect the firm's profit?
Note: Unexplained ans Assume you are the manager of a firm producing a ce per unit, workers can be hired in a competitive labor ma Labor (L) Capital (K) Quantity (Q) 5 5 5 5 0 1 23 45 6 7 8 9 10 11 12 13 14 15 5 5 5 55 5 5 5 Based on the inform 5 5 5 0 10 25 43 63 88 118 153 193 226 251 273 293 308 316 324