Problem
Britney produces pop music albums with the total cost function TC(Q) = 8Q. Market demand for pop music albums is P = 56 - Q. Suppose there is a competitive fringe of price-taking pop music artists, with total supply function Qfringe = 2P - y, where y > 0 is some positive integer. If Britney behaves like a dominant firm and maximizes her profit by selling at a price of P = 16, find (i) the value of y, (ii) Britney's output level, and (iii) the output level of the competitive fringe.
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.