Assume that Harry Ellis produces table lamps in the perfectly competitive table lamp market.OUTPUT PER WEEKTOTAL COSTSAFCAVCATCMC0$100 1150 2175 3190 4210 5240 6280 7330 8390 9460 10540 Fill in the missing values in the table.Suppose the equilibrium price in the table lamp market is $50. How many table lamps should Harry produce, and how much profit will he make?If next week the equilibrium price of table lamps drops to $30, should Harry shut down?

Fixed Cost refers to that part or component of cost that remains fixed despite the varying quantity…

Answered: Assume that Harry Ellis produces table…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume that Harry Ellis produces table lamps in the perfectly competitive table lamp market.

OUTPUT PER WEEK	TOTAL COSTS	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

Fill in the missing values in the table.
Suppose the equilibrium price in the table lamp market is $50. How many table lamps should Harry produce, and how much profit will he make?
If next week the equilibrium price of table lamps drops to $30, should Harry shut down?

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