(Answered) Suppose that a firms production function is given by y24 k

Management Studies

Suppose that a firm's production function is given by Y=24 K N-N², where K is the level of capital and N is the number of laborers the firm employs. For the given production function, the marginal products are MPN=24 K-2N and MPK = 24 N. The rental rate of capital the firm pays is $45 and the wage rate is $15.

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Business Management, Management Studies

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