Econ 150 Quantity Shoes Total Costs Labor O $10.00 O 1 $13.05 2 2 $15.70 4 3 $18.0 $19.90 8 5 $20.85 10 6 $23.65 12 7 $27.80 14 8 $35.30 16 9 $47.20 18 10 $64.30 20 Problem #1 Sam owns a shoe company with a cost schedule as shown above 1. Find the marginal cost for Sam's shoes 2. Find the Marginal Product for Sam's shoes 3. Find the total revenue and marginal revenue if the price Sam sells each shoe for is $15.00 4. What is the profit maximizing quantity of shoes that Sam will produce? 5. Is Sam's shoes operating in a perfectly competitive industry or monopolistic industry, and how do you know this