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The following table provides the short-run production function for Sherry's Hair Salon. Sherry uses only two inputs, labor and capital, to produce her output of

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The following table provides the short-run production function for Sherry's Hair Salon. Sherry uses only two inputs, labor and capital, to produce her output of stylish haircuts. The price of labor is $20 an hour, and the price of capital is $50 per unit. Quantity of capital (units) Quantity of labor (hours of work) Quantity of haircuts 10 0 0 10 10 15 10 20 28 10 30 38 10 40 44 10 50 48 a. Complete the following table of Sherry's costs, given the above information. Round your calculations to one place past the decimal point. Quantity Quantity of MC of capital labor (hours Quantity FC VC AFC AVC ATC TC ($ per unit (units) of work) of haircuts ($) ($) ($) ($) ($) ($) of output) 10 0 0 500 13.3 10 10 15 10 20 28 10 30 38 10 40 44 10 50 48 b. Does this production function exhibit diminishing marginal returns to labor? Explain your

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