Task 1 (Approx. 20 minutes) The following table shows the revenue and costs of a Parrot farmer in a perfectlvr competitive industrv. Table 1 Quentin; of Parrots harvested Total Revenue l5! Total Cost ll m 0 0 3 1 10 5 2 20 9 3 30 15 4 40 23 5 50 33 6 60 45 7 70 59 8 80 75 9 90 94 10 100 115 a] Fill in the values for MR and MC in Table 1 b} How much is total fixed cost for this Parrot farmer? Whv? c} If the farmer chooses to maximise profit, what would marginal cost be equal to and what would be the 'range' for the appropriate output level? Whv? cl} What is the maximum profit available to this farmer's firm? 2] If the market price of Parrots fell below $10 in the market then what should the farmer do in the short run? What about the long run? 15 minutes [5 minutes to report back]. Task 2 (Approx. 20 minutes) Consider the following diagram which shows cost information for Yum Yum Burger: S Price and Cost w 5 ATC AVC I : 1 i : 10 20 30 40 50 60 70 80 90 100 110 120 OUTPUTperweek (Yum Yum Burgers 1,000'5) a] What is the total variable cost of producing 90,000 burgers? b) What is the total cost of producing 100,000 burgers? c} What is the total fixed cost for Yum Yum Burger? d} What is the average fixed cost at an output level of 80,000 burgers? e] At what level of output does Yum Yum Burger begin to experience diminishing returns? f] Below what market price would Yum Yum Burger go out of business in the short term? Why [15 min utes] {5 minutes to report back)