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

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.

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Output Total per Week Cost AFC AVC ATC MC 0 $100 1 150 2 175 3 190 4 210 56 240 280 7 330 8 390 9 460 10 540