I need help with micoeconomics

Chapter 8: Long-Run Costs and Chapter 9: Market Structures Q1: A firm can produce its output in the long run using one of four different plant sizes. This is analogous to cutting grass using one of four types of equipment: hand clippers, a weed trimmer, a lawn mower or a riding lawn mower. The firm's short-run total costs (TC) for each of the four plant sizes is shown in the following table. For example, if the firm uses plant 1 to produce 12 units of output, its total cost is $1,512. a) Complete the following table by filling in the rows for short-run average total cost (ATC) of each plant size and long-run average total cost (LATC). Note: If you know how to use Microsoft Excel, you can download Assignment #18 Excel File found in Brightspace to do your calculations. Output (units) TC (Plant 1) TC (Plant 2) TC (Plant 3) TC (Plant 4) 1 $118 $134 $164 $182 2 $162 $188 $244 $280 3 $198 $237 $294 $330 4 $248 $272 $328 $372 5 $305 $300 $355 $400 6 $378 $342 $372 $420 7 $462 $392 $385 $441 8 $568 $472 $400 $464 9 $702 $576 $468 $504 10 $900 $710 $560 $550 11 $1,166 $880 $660 $627 12 $1,512 $1,104 $816 $732 ATC (Plant 1) ATC (Plant 2) ATC (Plant 3) ATC (Plant 4) LATC b) Which of the four plant sizes is associated with the largest plant size for the firm? c) Which plant size would the firm choose to produce 6 units of output? d) In which range of output, does this firm experience increasing returns to scale? e) At what level of output, is the firm's minimum efficient scale? f) In which range of output, does this firm experience decreasing returns to scale? Q2: During semesters that Fulton teaches ECON 1220 in person, he runs a market structure simulation. This is how the simulation works: Every student in the class is given an identical granola bar and a unique candy (see the graphic on the next page) and is designated sellers (or potential sellers) in the simulation with a supply value of $2. Fulton is the only buyer in the simulation and has a demand value of $10. In Round 1 of the simulation, Fulton announces that he wants to purchase a granola bar (which every student has) and asks each seller to indicate secretly the price they will accept for their granola bar in Socrative. Once everyone has indicated their price, Fulton reveals the prices and buys a granola bar from the seller with the lowest price. If multiple sellers have the same lowest price, Fulton buys a granola bar from one of these sellers that is randomly chosen. In Round 2 of the simulation, Fulton announces that he wants to buy a Kerr's Licorice Toffee (of which only a single student has) and asks the seller to indicate the price that they will sell at. Once the seller has indicated their price, Fulton decides whether to buy the candy or not. In most cases, Fulton buys the candy. In a few rare instances, Fulton does not buyer the candy. In Round 3 of the simulation, Fulton announces that he wants to buy a Jolly Rancher lollipop (any flavour) and asks the four sellers with that candy to meet and have a discussion before individually and secretly setting their price. Once everyone has indicated their price in Socrative, Fulton reveals the prices and buys one Jolly Rancher lollipop from the seller with the lowest price. If multiple sellers have the same lowest price, Fulton buys a lollipop from one of these sellers that is randomly chosen. In Round 4 of the simulation, Fulton announces that he want to buy a candy that could be any candy but that he prefers to buy an Almond Joy over any other candy and askes sellers with any candy to indicate individually and secretly the price they will charge. Once everyone has indicated their price, Fulton reveals the prices and buys the Almond Joy as long as its price is no more than a secretly predetermined amount (eg $2) above the lowest price for any candy. By the way, Fulton's market structure simulation is based on one conducted by Jacob Clifford. You can view a video of Clifford's simulation at https://www.youtube.com/watch?v=KGrmnynjHjI. a) Which market structure is represented by Round 1? Give an explanation to support your answer. b) What price do you think Fulton pays for the granola bar in Round 1? Give an explanation to support your answer. c) Which market structure is represented by Round 2? Give an explanation to support your answer. d) What price do you think Fulton pays for the Kerr's Licorice Toffee in Round 2? Give an explanation to support your answer. e) In a few rare occasions, Fulton does not purchase a candy in Round 2. Why? Explain. f) Which market structure is represented by Round 3? Give an explanation to support your answer. g) During the discussion in Round 3, what do you think the four sellers decide to do? Give an explanation to support your answer. h) After the discussion and during the period when the sellers secretly choose their price in Round 3, what strategic decision do you think one or more of the sellers would make? Give an explanation to support your answer. i) Which market structure is represented by Round 4? Give an explanation to support your answer. j) In some instances, Fulton does not purchase the Almond Joy in Round 4. Why does this happen? Explain