1. Listen to the podcast Planet Money, Episode #829: Rigging the Economylink, transcript link ). In one or two sentences each: (a) Explain how the ideas discussed in the podcast relate to the concepts of perfect compe- tition and monopoly we've discussed in class. (b) Explain what regulatory capture means. (c) Describe an example of regulatory capture you've noticed. 2. The table below summarizes a firm's production and cost functions. The firm's only input is labor, and its only fixed cost is a $500 rental payment for its factory. The hourly wage paid for labor is always the same (i.e. the per-unit cost of labor is constant). Quantity of Hours of Output Labor FC VC TC AFC AVC ATC MC MPL 0 0 $500 5 1 $575 20 2 45 3 60 4 70 5 75 6 (a) Complete the table above. (Hint: first figure out what the wage must be. Also, MPL stands for Marginal Product of Labor.) (b) At what level of quantity does the marginal cost attain its minimum? (c) Find the break-even price and shut-down price. (d) Explain why the average total cost first decreases and then increases as output increases. (e) Suppose the market price for the firm's product is $15. How much output will the firm produce to maximize its profit