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Determining the firm production function

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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.

Reference no: EM131263327

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