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Question: Suppose a firm has marginal costs given by MC(y) = 1/2 y^2 - 2y + 2y + 3 and fixed costs given by...

Show transcribed image text Suppose a firm has marginal costs given by MC(y) = 1/2 y^2 – 2y + 2y + 3 and fixed costs given by FC = 10. (a) Find the firm's optimal level of output when p = 9. (b) Find the firm's optimal level of output when p = 1.

Suppose a firm has marginal costs given by MC(y) = 1/2 y^2 – 2y + 2y + 3 and fixed costs given by FC = 10. (a) Find the firm's optimal level of output when p = 9. (b) Find the firm's optimal level of output when p = 1.