Ed Scahill produces table lamps in the perfectly competitive desk lamp market. a. Fill in the missing
Question:
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 Ed produce, and how much profit will he make?
c. If next week the equilibrium price of desk lamps drops to $30, should Ed shut down? Explain.
Transcribed Image Text:
Output per Week Total Cost AFC AVC ATC MC $100 150 175 190 4 210 240 5 280 330 390 460 9. 10 540
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a Output per Week Total Cost AFC AVC ATC MC 0 100 1 150 10000 5000 15000 5000 2 175 ...View the full answer
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