1.) DILUTIONS OF METAL SALT SOLUTION (Part B of Experiment): In this lab, you will create a graph by collecting absorbance data for various dilutions of the provided stock metal salt solution. The instructions of how to create these dilutions are provided in your lab manual. Each successive dilution is one-half the concentration of the previous solution. In addition to following these instructions closely in order to obtain the proper dilution, it will be important for you to calculate correctly the concentrations for each dilution. If your initial concentration is 0.2514 M, what are the concentrations of your four serial dilutions? Complete the table: Fraction of initial solution Percentage of initial solution New concentration of diluted solution 1 100% 0.2514 M 1/2 50% 1/4 2.) What is meant by linear vs. proportional curve fit on the Lab Quest units? Use mathematical equations to support your answer.Name: 3. (12 points total) Refer to the table below which contains incomplete short run production and cost data for a firm. The cells you are asked to calculate are shaded and also contain an asterisk (") Labor Output Marginal | Average Total Total Total Average Average Average Marginal Product Product Fixed Variable Cost Fixed Variable Tol Cost of of Cost Cost Cost Cost Cost Labor Labor MP AP TFC TVC TC AFC AVC ATC MC X X 3.00 30.00 X X 10.00 40.00 7.00 2.86 4.29 110.00 4.00 130,00 4.48 Note that you do not have to calculate every number in the table. Just calculate the six numbers asked for In the questions below and any other numbers necessary to perform your calculation. (a) (2 points) For this firm, what is the total cost in the row where the firm hires 1 unit of labor? Show your calculation. (b) (2 points) For this firm, what is the marginal product of the 4th unit of labor? Show your calculation. (c) (2 points) For this firm, what is the average product of labor when 5 units of labor are employed? Show your calculation. (d) (2 points) For this firm, what is the average fixed cost in the row where 3 units of labor are hired? Show your calculation. (e) (2 points) For this firm, what is the marginal cost of each unit of output between 5 and 14 units of output? Show your calculation. (f) (2 points) For this firm, what is the average total cost in the row where 4 units of labor are hired? Show your calculation.Name: 4. (6 points total] You start your own business on 1/1/2020, During the year 2020, your total sales revenues are $250/000, You pay your assistant $40,000 and pay $30/000 for raw materials, You work in your own business, but in your next best alternative you could have earned an annual salary of $90,000. You own a piece of capital equipment worth $30,090 on 1/1/2020 and you use this equipment in your firm during the year . On 12/31/2020, the equipment is worth $23,000. During this period, the annual interest rate is 10%%. Finally, entrepreneurs with strategic business skills like yours normally earn a profit of $60,000. You can ignore accounting depreciation in this question. (2 points] What is your accounting profit for 20207 show your calculations in the table below: Total Revenue Total Costs Accounting Profit: (2 points) What is your implicit rental rate of capital for 2020? Show your calculations and clearly identify the components that make up the implicit rental rate of capital. (2 points) What is your economic profit for 2020? Show your calculations in the table below: Total Revenue Total Costs Economic Profit: 5Name: 1. (6 points total this question) (3 points) Gretchen consumes only two goods, amplifiers (A) and guitars (G]. Gretchen's budget line is shown in the graph below. If the price of an amplifier is $300 and the price of a guitar is $200, what is m= moneyincem Gretchen's income? Show your calculation and explain briefly. m= ( Pava) + (A x Q2) Pat proce Amplifier 42= 6 94=4 Ga = qutinbilly Amputis PO = Price OF guitar 4.300 + 6.200 Gretchens income Is Jauvo QA (3 points) Now that you know Gretchen's income, assume that the price of a guitar increases to $400. Gretchen's income and the price of an amplifier continue to be the same as before. Draw Gretchen's new budget line on the graph provided above. Briefly explain your answer. 2