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

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

a) Fill in the missing values in the table.

b) 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?

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