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 productX. the following schedule shows the total production per week ofproduct X. Additionally, assume each unit of product X sells for$15 per unit, workers can be hired in a competitive labor marketfor $110 per week, and each unit of capital cost $100per week.
Labor (L)
Capital (K)
Quantity (Q)
0
4
0
1
4
10
2
4
25
3
4
43
4
4
63
5
4
88
6
4
118
7
4
153
8
4
162
9
4
171
10
4
179
11
4
187
12
4
194
13
4
201
14
4
207
15
4
212
1. What’s the definition of short-run in economics?
2. Using the profit-maximinization input usage principle,determine how many workers should be hired? clearly explain youranswer.
3. what will be your firm’s maximum profit? clearly explain youranswer
4.suppose that workers unionized and were able to get a newweekly wage increase of 150. How will the new weekly wage affectthe number of workers hired? How will the new weekly wage affectthe firm’s profit?