answer all please do it thank you a , b,c d fast 1. The production technology of a firm is given by the following equation:Y = 15K-5 N-5Assume K initially equals 25a. Fill in the first blank column below, showing what the output is per different number of workers. Round the nearest two decimal places.MRPN (P=6)0142.258.276.327.834.0826.119.44Number of workers01234▪Units of output023.733.4567b. 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).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 tableabove).If W = $140, N =46.1247.4253.157.4560.69d. Calculate the number of workers that will be hired if the nominal wage rate = $140. Calculate the number of workers the firm will hire if the nominal wage is $110. Calculate the number of workersthat the firm will hire if the nominal wage is $90. Please show your work.If W = $110, N =MPN023.79.712.721.35.684.353.24If W = $90, N =

A) Y=15*K^0.5*L^0.5 Given K=25, Y=15*25^0.5*L^0.5 Y=15*5*L^0.5 Y=75*L^0.5 L=1, Y=75*1^0.5=75 L=2,…

1. The production technology of a firm is given by the following equation: Y = 15K SN-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 0 MRPN (P=6) 0 Units of output 0 23.7 33.4 142.2 58.2 46.12 47.42 53.1 57.45 60.69 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). 1 2 3 4 5 6 7 If W = $140, N = MPN 0 23.7 9.7 12.72 1.3 5.68 4.35 3.24 76.32 7.8 34.08 26.1 19.44 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). d. Calculate the number of workers that will be hired if the nominal wage rate= $140. Calculate the number of workers the firm will hire if the nominal wage is $110. Calculate the number of workers that the firm will hire if the nominal wage is $90. Please show your work.

1. The production technology of a firm is given by the following equation: Y = 15K SN-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 0 MRPN (P=6) 0 Units of output 0 23.7 33.4 142.2 58.2 46.12 47.42 53.1 57.45 60.69 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). 1 2 3 4 5 6 7 If W = $140, N = MPN 0 23.7 9.7 12.72 1.3 5.68 4.35 3.24 76.32 7.8 34.08 26.1 19.44 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). d. Calculate the number of workers that will be hired if the nominal wage rate= $140. Calculate the number of workers the firm will hire if the nominal wage is $110. Calculate the number of workers that the firm will hire if the nominal wage is $90. Please show your work.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 9E

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