solve complex problems with only correct answers

4. (a) On the same set of axes, plot the tot and marginal-product schedules of Problem 2. (b) What is the relationship between the total-, average-, and marginal-product curves in part (a)? *5. Derive the average- and marginal-profit schedules for the total-profit curve in the bottom panel of Figure 3-4 in the text. *6. (a) Plot the total-profit curve of Figure 3-4, and below it, on a separate set of axes, plot the corresponding average- and marginal-profit schedules that you derived in Problem 5. (b) Explain the relationship among the total-, average-, and marginal-profit curves in part (a). 7. Given the following total-cost schedule: 01 2 3 4 TC 1 12 14 15 20 Derive the average- and marginal-cost schedules.A 8. (a) On the same set of axes, plot the total-, average-, and marginal-cost schedules of Problem 7. (b) Explain the relationship among the total-, average-, and marginal-cost curves in part (a). * 9. With the total-revenue curve of Problem 1 and the total-cost curve of Problem 7, derive the total- profit function and show how the firm determines the profit-maximizing level of output. 10. (a) Explain what is meant by "constrained optimization." (b) Indicate the importance of this in managerial economics. 11. Identify the characteristics of the American business model. 12. Explain the advantages of the American business model over its alternatives. 13. Explain how companies' governance failed in the United States at the beginning of the previous decade. 14. Explain how public trust in American financial markets was reestablished after companies" governance failed in the United States