(40 points) Instead, suppose that the firm holds monopsony power in the market for labor and faces the labor supply curve below. Continue to assume that the firm is perfectly competitive in the market for their output where the equilibrium price is $10 and that their production function is as defined above. Determine the profit maximizing quantity and wage for their labor. (Hint: to calculate the marginal cost of labor, first calculate total cost at each level of employment (workers * wage), then calculate marginal cost per usual i.e. for each additional worker how do costs change?)

Labor Supply	Wage (per hour)
0	$0
1	$1
2	$2
3	$3
4	$4
5	$5
6	$16
7	$24
8	$32
9	$40
10	$48