1. In economics, what is the difference between the short run and the long run? Labor Quantity of Marginal Product (hours) Fish (pounds) pounds) 1 10 2 18 3 24 4 28 30 6 32 2. Please refer to the table above: The table above shows the following relationship between hours spent fishing and the quantity of fish caught for Juan, a commercial fisherman. a. Complete the Marginal Product column. b. Characterize the production function, i.e., does the production function display increasing marginal returns, diminishing marginal returns, etc. c. Using the data above, graph Juan's marginal product curve. Be sure to label the horizontal and vertical axes. Is your graph consistent with your answer to part (b)? Explain. d. Juan uses the following inputs for fishing - a small wooden boat (B), a fishing pole (P) and of course, his labor (L). Treating the boat and the fishing pole as fixed inputs and using the data above, graph Juan's Total Product of Labor curve. Be sure to label the horizontal and vertical axes. e. The opportunity cost of Juan's time is $8 per hour. If Juan receives $2 per pound for his fish, what is the optimal number of hours he should spend fishing? Explain how you arrived at your answer. Hint: Recall marginal benefit and marginal cost analysis.\f4. Explain how the listed events (ad) would affect the following at Hilton Hotels. i. Marginal cost ii. Average variable cost iii. Average xed cost iv. Average total cost a. Hilton decides on an across-theboard 5 percent increase in executive salaries. b. Hilton decides to eliminate all print advertising. c. Hilton signs a new contract with the Culinary Workers Union that requires the company to increase wages for all its kitchen workers. d. The federal government starts to levy a $5 room tax on all hotel rooms