Question: 13.A profit maximizingperfectly competitive firm whose only variable input is labor has the followingtotal cost schedule: Level of OutputTotal Cost 028 140 255 366 480

13.A profit maximizingperfectly competitive firm whose only variable input is labor has the followingtotal cost schedule:

Level of OutputTotal Cost

028

140

255

366

480

599

6123

7153

Using the information in the table, specify the level ofeconomicprofitorlossesof this firmif the price per unit of this output is 24.If economic losses are incurred, make sure to enter the minus sign (-) before the numerical value.

Question 19

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The table below depicts the total product schedule of a firm whose only variable input is labor.

Number of WorkersTotal Product

(Quantity of Labor)(Level of Output)

219

332

448

560

666

763

862

Using the information obtainable from this table, specify the number of the worker listed inColumn 1whom a profit maximizing firm would never hire.

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