Problem
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.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.