PROBLEM #1 A local bicycle shop offers bicycle repair services to their customers. The owner of the shop operates with a fixed amount of equipment used to repair the bicycles. The owner carefully tracks the total number of repairs completed as compared to the number of workers employed to do the repairs. The table below represents the shop's production function of repaired bikes, per month, based on the information the shop owner has collected. Labor Total Product Marginal Product Average Product (# of Workers) (Output, Repaired Bikes) Of Labor Of Labor 0 0 40 100 240 VanAWN- 440 660 860 960 a. b. Determine whether this table represents a short-run or long-run production function. Compute the marginal product and average product of labor, using the information above, for each level of labor (complete the table). C. Compare the marginal product of the third, fourth, fifth, sixth, and seventh workers. With which worker do diminishing marginal returns set in