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1. The production technology of a firm is given by the following equation: Y = 15K.5 N.5 Assume K initially equals 25 a. Fill in
1. The production technology of a firm is given by the following equation: Y = 15K.5 N.5 Assume K initially equals 25 a. Fill in the first blank column below, showing what the output is per different number of workers. Round the nearest two decimal places. Number of workers Units of output MPN MRPN (P=6) N W u J b. Define the marginal product of labor and explain how it relates to the production function (with N on horizontal axis and Y on vertical axis)
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