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QUESTION 1. Part A. 'Skype, the Internet phone company, uses peer-to-peer network principles to enable people to make free phone calls over the Internet anywhere in the world. Skype forwards calls through users' computers without having any central infrastructure. Users agree to let their computer's excess capacity to be used as transfer nodes. In this way, Skype does not have to invest in more infrastructure as it adds users, and the system is highly robust and scalable." (Stone, Gerald W. CoreMicroeconomics. Worth Publishers. 2008. Page 192. Print.) A 1. Define marginal cost. A 2. What is the marginal cost to Skype to add another user to its system? DO NOT overthink this question. Part B. (not related to Part A) Fill in the chart Q TFC TVC TC AFC AVC ATC MC 0 A1_ 0 O 0 0 100 1 _ A2_ 100 500 400 100 F_ H_ 2 150 550 200 75 275 60 3 210 610 D_ 70 203 90 A 300 700 100 75 _G_ 130 UT B 830 80 86 166 170 6 600 1000 67 E_ 167 219 7 819 1219 57 117 174 1/ Is this the short run or the long run? How do you know? J/ What explains the shape of the ATC, AVC and MC curves?QUESTION 2. Part A. Imagine that you own and operate a local restaurant. The service or workspace is xed and there is no conceivable way to increase the size of the workspace in the current time period. However, you face a dilemma: Prior to last March 2020, business was strong. Regular customers and visitors to the local area came for the healthy food created with fresh vegetables, grass-fed beef and other locally sourced ingredients. Then, boom, COVlD-19. Restrictions (1) initially limited service to take-out and (2) now slowly customers have been allowed to return inside but with strict limitations. Business is expected to pick up due to strong desires of people to "eat out\" again with family and/or friends. So, the restaurant is considering adding extra hours once the COVID-19 restrictions ease, as more people are vaccinated. Instead of opening at 7AM, now the first shift will begin at 6AM. Instead of closing at 9PM, the last shift will leave at 11PM. The added expense of disinfecting workspaces and tables/chairs continues. A 1 Is this the long run or the short run? Explain your response. As restrictions are slowly lifted, the owners decide to go ahead and open with longer hours. So now there are more kitchen staff, wait staff and people working in the same original sgaces (following CDC guidelines). A 2 What can this restaurant expect in terms of additional output or production after adding workers in the short run? Explain. A 3 What can this enterprise or business expect in terms of additional (extra) COSTS from producing another unit of output? Explain. (Think about your answer to question A1.) A4 Draw the graph(s) to show the relationship between the additional product from hiring an extra worker (variable resource) and the additional costs from producing another unit of output. (see your answers to A2 and A3) A5 If this is the short run, what needs to change for this restaurant to be able to make more adjustments or changes to how economic resources are used? Located near Brattleboro, Vermont