How to find how many workers a profit maximizing firm hire under a monopsony with a cost table
Channel: Travis Klein
Date: 2022-03-08

Text of example question: 
In the short run, a tool manufacturer has a fixed amount of capital.  Labor is a variable input. The cost and output structure that the firm faces is depicted in the following table.  Suppose that for the firm the goods market is perfectly competitive. The market price of the product is $5 at each quantity supplied by the firm.  What is the amount of labor that this profit-maximizing firm will hire?