Umberto has a monopoly in providing taxicab services in the local market.The relevant marginal revenue of taxicab sales as a function of labor employment is: 
.
The marginal product of labor in providing taxicab services is 50.Umberto is a price taker in the labor employment market and the market price of labor is $15.Determine Umberto's optimal employment of labor.
Definitions:
Four-Year Loan
This is a loan that has a term or maturity of four years from the date of initiation, requiring repayment over that time frame.
Interest Rate
The interest rate is the percentage charged on the total amount of borrowed money or paid on invested capital, reflecting the cost of borrowing or the return on investment.
Inflation Adjustment
A change made to financial figures to account for the effects of inflation and maintain the purchasing power of money over time.
5-Year Loan
A type of loan that is scheduled to be repaid through payments over a period of five years.
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