Study the extract above and answer the following questions. (a) To what extent you agree to the following statement "Fresh orange juice market in Morocco and wheat market in US are perfectly competitive". (12 marks) (b) Suppose Juicy Juice is one of the many shops producing and selling fresh orange juice in the Jemaa el Fna, Juicy Juice incurs a fixed cost of $500 per day. Table I illustrates the cost schedule of the shop and Table 2 illustrates the demand and supply schedule of the market for fresh orange juice. Table 1: Cost Schedule of Juicy Juice Production Output (cups per day) 0 100 200 300 400 500 Average Variable Cost ($ per cup) NA 5.2 4.4 7.6 9.7 11.5. Table 2: Demand and Supply Schedule of the Market for Fresh Orange Juice Price (S per cup) Quantity Demanded (cups per day) 2000 1600 1200 800 400 0 10 12 14 16 18 20 Quantity Supplied (cups per day) 400 800 1200 1600 2000 2400 (i) Based on the information given, calculate the total cost, average total cost, marginal cost of Juicy Juice. (6 marks) (ii) What is the selling price of fresh orange juice and the profit maximizing quantity of Juicy Juice? Explain. Does Juicy Juice make an economic profit? (5 marks) (iii) Discuss "Juicy Juice's economic profit cannot persist in the long run and the market of Fresh Orange Juice is inefficient." (13 marks)