New Orleans is world famous for its fresh seafood and Cajun spices. The Skalari brothers know that business will be booming once the seasons change, and have recently opened up a string of three restaurants on Bourbon Street. Each restaurant has been designed to appeal to a different clientele, though all will be serving essentially the same style of food. The first, Marty’s, does not accept reservations. The second, Jeff’s, accepts reservations, though it doesn’t require them. The third, Sebastian’s, requires all patrons first make a reservation.In an attempt to keep their overhead low, the Skalari brothers have started researching the benefits of running their own crab boats rather than having to buy from a third party. The eldest brother, Jeff, has found some recent statistics relating to the number of crabs caught in the Gulf of Mexico by local fishing boats. Below is a table representing the data:Number of Crabbing Boats/strongValue of Crab Caught (in thousands of dollars per month)00102,000203,400304,200404,400504,000603,000701,400Jeff has also learned that the average marginal cost for operating a crab boat in New Orleans is $50,000 per month.Recent employment studies have the Skalaris reconsidering who they bring in to work at their respective restaurants. Studies have shown that New Orleans has one of the highest income gaps in the country, with incomes of the highest quintile of families being 10 times more than the poorest quintile. This large gap is believed to be the result of New Orleans’ large number of immigrant workers from Mexico and South America. The Skalaris were shocked by these statistics and want to be able to provide fair wages to their employees.Step 2Answer the following questions.The Skalari brothers have hired you to look over the numbers and see what they will be able to do with their new series of restaurants in the coming months. In an 8- to 10-slide presentation, prepare a demonstration that will address their concerns by answering the following questions, making sure to show all calculations.What methods of allocating table resources can the Skalaris use for their three restaurants?Identify three models used by economists to examine production decisions in an environment of scarcity. How can those models be implemented to help the Skalari business?What is the reason that these restaurants have different reservation policies? How does that determine their allocation method?If the number of crabbing boats increases from 20 to 30 to 40, what are the marginal private benefit and the marginal social benefit of a crabbing boat?If there is no regulation of crabbing, what is the equilibrium number of boats and the value of crab caught? At this equilibrium, is there overfishing?If the North American countries decide to limit the number of fishing boats to 20, would the crab caught be sustainable? Would the amount caught be efficient? Explain the reasoning behind your answer.Explain the effect of a large increase in foreign immigrants who are largely poor, unskilled workers on the market for low-skilled workers.Explain what lowering the barrier to education means and how it might reduce the income gap.Include the following in your presentation:graphics, images, and descriptive text to explain concepts detailed speaker notes to further explain information on each slideâthis should be a text version of what you might say in a live presentation citations for any sources used to complete the presentation