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What is the profit-maximizing level of output

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Reference no: EM131372673

Advice for a Firm. You've been hired as an economic consultant by a price-taking firm that produces scarves. The firm already has a factory, so it is operating in the short run. The price of scarves is $9, the cost per worker is $24, and each scarf requires $1 worth of material. The following table shows the relationship between the number of workers and the output of scarves.

a. Fill in the blanks in the table. (Enter all of your responses as integers.)

Workers

10

11

12

13

14

15

Output

5

29

41

47

50

52

Labor cost

$240

264

288288

312

336

360

Material cost

$5

29

4141

47

50

52

Fixed cost

$2

2

2

2

2

2

Total cost

$247

295

331331

361

388

414

Marginal cost

--

$2

33

5

9

13

b. What is the profit-maximizing level of output?

Reference no: EM131372673

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