Question
I am struggling with what I got wrong on my test as my instructor does not explain what I got wrong 1.The production technology of
I am struggling with what I got wrong on my test as my instructor does not explain what I got wrong
1.The production technology of a firm is given by the following equation:
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.
Numberof workers Units of output MPN MRPN (P=6)
0
1
2
3
4
5
6
7
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)* THIS IS WHAT I AM REALLY STRUGGLING WITH*
c.Assume that the price of a unit of output is $6. Find the marginal product of labor (MPN) and the marginal revenue product of labor for each level of employment (fill in the third column of table above).
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