Suppose the equilibrium price in the desk lamp market is 50, Econometrics

Suppose the equilibrium price in the desk lamp market is 50

1 Edward Scahill produces table lamps in the perfectly competitive desk lamp market.

a. Fill in the missing values in the following table:

b. Suppose the equilibrium price in the desk lamp market is $50. How many table lamps should Scahill produce, and how much profit will he make?

c. If next week the equilibrium price of desk lamps drops to $30, should Scahill shut down? Explain.

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Econometrics: Suppose the equilibrium price in the desk lamp market is 50

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