1 Edward Scahill produces table lamps in the perfectly competitive desk lamp market.
![1520_5d74af23-c478-4ece-a183-f5f47291dc95.png](https://secure.tutorsglobe.com/CMSImages/1520_5d74af23-c478-4ece-a183-f5f47291dc95.png)
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.