Question: Suppose we have a production function 1 1 f (L, K) = LiK 1 4a. Find the marginal product of labor. Explain in words what

Suppose we have a production function 1 1 f (L, K) = LiK 1 4a. Find the marginal product of labor. Explain in words what this means. 4b. Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. If the current capital stock is xed at 1600 units, how much labor should the rm employ in the short run? How much prot will the rm earn? 4c. Now suppose the rm has a per-worker tax of $1 levied on them. How does this change their labor choice in the short run and their prot? 4d. Now let's ignore the per-worker tax and say instead the rm has a payroll tax where t = .10. What is the labor choice in the short run and the rm's prot

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