In regards with the angle. You need to consider the area as a function of 2 variables:
Area(y, θ) = y*(y-50)*sinθ
To find the extremum, you need to solve two equations:
partial derivative by y is 0: sinθ(50-2y)=0
partial derivative by θ is 0: (50-y)*y*cosθ = 0
Which gives y=25 (as in solution above) and θ=90º So it is indeed a square with the side = 25