Question (2 points)
1st attempt
A firm has a cost function given by $c(y) = 288 + 8y^2$, where $y$ is the number of units produced. This function generates a marginal cost function of $MC(y) = 2 \times 8y = 16y$.
For this firm, the level of output ($y$) that yields the minimum average cost is _____, and the level of output that yields the minimum average variable cost is _____.