Assume you are the manager of a firm producing a certain product X. The following schedule shows the total production per week of product X. Additionally, assume each unit of product X sells for $10 per unit, workers can be hired in a competitive labor market for $120 per week, and each unit of capital costs $50 per week. Labor (L.) 0 1 2 Capital (K) 3 3 3 3 3 3 3 3 3 4 Quantity (Q) 0 10 27 46 66 87 109 132 145 3 3 157 5 6 7 8 9 10 11 12 13 14 15 3 3 3 3 168 178 187 195 202 208 3 8 1. State the profit-maximization input usage. (from your textbook). Use this principle to answer the next questions 2. How many workers should be hired Clearly explain your answer! 3. What will be your firm's profit? Clearly explain your answer! You are the manager of a firm that uses only labor and capital to produce your product. Assume you hire labor and you rent capital equipment in a very competitive market. You pay your employees at a wage rate of $20 per hour and you rent capital at $25 per hour. Assume the marginal product of labor is 50 units of output per hour and the marginal product of capital is 80 units of output per hour. Based on these given information, clearly explain if you should increase, decrease, or leave unchanged the amount of capital used in your production process. Problem #8 An economist estimated that the cost function of a single-product firm is TC = 2,250 +5Q + 1002 and the marginal cost is MC = 5 + 200 Based on this information, determine: 1. The average fixed cost (AFC) of producing 10 units of output. 2. The average variable cost (AVC) of producing 10 units of output. 3. The average total cost (ATC) of producing 10 units of output. 4. The marginal cost (MC) of producing the 10" unit? 5. The level of output at which the average total cost is minimized