A firm currently employs 45 production workers
. A agency at the moment employs 45 manufacturing staff and 6 supervisors. The marginal product of the final manufacturing employee employed is 50 items of output per hour and manufacturing staff are paid $10 per hour. The marginal product of the final supervisor employed is 150 items of output per hour and supervisors are paid $30 per hour. Each worker works 40 hours per week.(i) What's the agency's complete labor price per week?(ii) Assume that hours of labor by supervisors (Ls) is plotted on the vertical axis and hours of labor by manufacturing staff (Lp) is plotted on the horizontal axis. What's the equation for the agency's isocost line? What are the 2 intercepts of the isocost line?(iii) Assume that the agency's isoquants are clean curves and that labor hours will be different constantly. Is the agency producing the utmost stage of output given its present stage of price? Whether it is, clarify how one can inform. If it is not, clarify what it ought to do to extend output.