A company that produces specialty cabinet hardware that is sold in the wholesale market. Currently the company has labor costs of $25 per hour of labor, while capital costs are $500 per hour per unit of capital. In the short run, however, capital is fixed at 10 units. The company's production function is given by:

Q=5L^1/2K^1/2

a. What are the short-runAVCandATCfunctions? Hint: Costs are a function of the level of output produced so your functions should be in terms of Q.

b. What is the short-runMCfunction?