Pleas help. and see attached file

Questions for Critical Thinking 1

—From the end-of-chapter discussion questions (DQ) and problems (P)

Salvatore’s Chapter 1:

a. Discussion Questions: 9.

b. Problems: 6, 9, and spreadsheet problem (p. 37).

Note:

1. P9(e): the normal return on investment equals the implicit cost.

2. The spreadsheet problem (b): for both variables, Time and Age.

Froeb et al.’s Chapter 3:

a. Individual problems: 3-1and 3-3.

Salvatore’s Chapter 3:

a. Discussion Questions: 9.

b. Problems: 1(a), 7, and 9.

Note:

1. DQ9: Does maximum sales (revenue) equal maximum profit (see figure 3-4)?

2. Revised P1(a): Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 4 by 1s.

Average revenue (AR) = total revenue (TR)/Q

Marginal revenue (MR) = change in total revenue/change in Q

For example:

Q	TR	AR	MR
2	14	7 (=14/2)
3	18	6 (=18/3)	4 (=(18-14)/(3-2)

3. Revised P9: With the total-revenue schedule of Problem 1 and the total-cost schedule of Problem 7, show the profit-maximizing level of output (profit=TR-TC).

Froeb et al.’s Chapter 4:

a. Individual problems: 4-5 and 4-6.

Submit this assignment by 11:59 p.m. (ET) on Sunday of Module/Week 1.