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.