Perfect Competition - the White Company is a member of the lamp industry, which is perfectly competitive. The price of a lamp is $50. The firm's total cost function is given by: c(q) = 1,000 + 20q + 5q2 a. What level of output maximizes profits for this firm? b. What is the firm's economic profit at this level of output? c. Should the firm produce or shut down in the short run? Explain why. (hint, look at the discussion on the shut down rule)