Question: Chapter 11: Problems and Applications #4.3, pg. 407.’

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

1. Fill in the missing values in the table.

   Q	TC	AFC	AVC	ATC	MC
   0	100
   1	150
   2	175
   3	190
   4	210
   5	240
   6	280
   7	330
   8	390
   9	460
   10	540

2. Suppose the equilibrium price in the desk lamp market is $50. How many table lamps should Edward produce and how much profit will he make?
3. If next week the equilibrium price of desk lamps drops to $30, should Edward shut down? Explain.

Price: $2.99

Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document