Given the above conditions and the production table above, fill in the two tables below
| QL | ||||||||
| Qx | 18 | 42 | 78 | 123 | 163 | 188 | 203 | 211 |
The Production table above represents daily production of product X
The only variable resource is labor
The fixed cost is $150/day
A work day is 8 hours.
Px = Price of product X
#L is the number of laborers hired to maximize profit; Qx is the total quantity of product X produced to achieve profit maximization
Given the above conditions and the production table above, fill in the two tables below
| PL = $12/hr. | |||
| Px | #L | Qx | Profit |
| 10 | |||
| 12 | |||
| PL = $15/hr. | |||
| Px | #L | Qx | Profit |
| 10 | |||
| 12 | |||
