Problem #2 The Our Oranges are Best company cans the oranges and sells the juice that results as a byproduct of peeling and slicing the oranges. Each 20 pound basket of oranges produces 10 pounds of oranges and 10 pounds of orange juice. The demand and marginal revenue function (MR) the firm faces for canned oranges (CO) and orange juice (OJ) are respectively: QCO = 80 - 5*PCO => PCO = 16 - 0.2*QCO and MRCO = 16 - 0.4*QCO QOJ = 50 - 5*POJ => POJ = 10 - 0.2*QOJ and MROJ = 10 - 0.4*QOJ The firm faces two alternative marginal cost functions (MC): MC1 = 8 + 0.1*Q and MC2 = (2*Q)/35 Determine the following using each marginal cost function. a. Determine the profit maximizing level of output for Canned Oranges and Orange Juice. b. Determine the price for the Canned Oranges and Orange Juice.