Edward Scahill produces table lamps in the perfectly competitive desk lamp market. The equilibrium price of lamps is $50.a. Fill in the blanks in the table for total revenue and marginal revenue, as represented by (i and ii). (Enter your responsesas integers.)(1) Total revenue is $.(ii) Marginal revenue is $.b. How many table lamps will Edward produce to maximize profit? lamps.c. If next week the equilibrium price of desk lamps drops to $30, should Edward shut down?O A. Yes because he is not covering his fixed costs.OB. Yes because price is less than ATC.OC. No because price is greater than minimum AVC.D. No because he is covering his fixed costs and some of his AVC.Output per Total Costs MarginalweekCost0123456789$120150170185195215260310385495$3020151020455075110Total MarginalRevenue RevenueSO50100(1)200250300350400450$505050(if)5050505050

A perfectly competitive firm produces at P=MC in the short run to maximize profit or minimize…

dward Scahill produces table lamps in the perfectly competitive desk lamp market. The equilibrium price of lamps is $50. Fill in the blanks in the table for total revenue and marginal revenue, as represented by (i and ii). (Enter your responses integers.) (1) Total revenue is $ (i) Marginal revenue is $. How many table lamps will Edward produce to maximize profit? lamps.

dward Scahill produces table lamps in the perfectly competitive desk lamp market. The equilibrium price of lamps is $50. Fill in the blanks in the table for total revenue and marginal revenue, as represented by (i and ii). (Enter your responses integers.) (1) Total revenue is $ (i) Marginal revenue is $. How many table lamps will Edward produce to maximize profit? lamps.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please answer sections a-e attached.
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