Ed Scahill produces table lamps in the perfectly competitive desk lamp market. a. Fill in the missing

Question:

Ed Scahill produces table lamps in the perfectly competitive desk lamp market.
a. Fill in the missing values in the following table.

Output per Week Total Cost AFC AVC ATC MC $100 150 175 190 4 210 240 5 280 330 390 460 9. 10 540

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.

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Microeconomics

ISBN: 9780135952955

8th Edition

Authors: Glenn Hubbard, Anthony Patrick O Brien

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Question Posted: Nov 01, 2017 07:13 AM

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Ed Scahill produces table lamps in the perfectly competitive desk lamp market. a. Fill in the missing

Question:

Output per Week Total Cost AFC AVC ATC MC $100 150 175 190 4 210 240 5 280 330 390 460 9. 10 540

Step by Step Answer:

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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