detailed solution

what is the optimal number of laborers to hire to maximize profits? 2. The table below shows the number of total products produced by its corresponding number of laborers employed. Assume that each laborer receives P550 as wage and the firm pays P700 rental fee for the equipment it uses. 0 0 24 64 116 176 220 240 248 L 0 2 4 6 8 10 12 14 A. If the firm wants to minimize the cost per unit of production, how many units of output must it produce? B. If the product is sold for P21, should the seller still continue production? If yes, how many units of output? Justify your answer. C. At what price will the firm decide to shut-down in the short-run