Question: A firm has the following short-run cost function: c(y) = (y - 3)^3 + 6. Demand for their product is given by the demand function

A firm has the following short-run cost function: c(y) = (y - 3)^3 + 6. Demand for their product is given by the demand function y(p) = 4 - p.

a. What is the firm's fixed cost?

b. What is the firm's profit-maximizing level of output in the short run?

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