Lumen OHM Assessment

Question 1

The graph below shows cost curves for a firm operating in a perfectly competitive market.

Graphing window shows horizontal axis: 0 to 8, vertical axis: 0 to 23. Start Graph, Color black

x	y
0	19.28
1	19.28
2	19.28
3	19.28
4	19.28
5	19.28
6	19.28
7	19.28
8	19.28

Start Graph, Color blue

x	y
0	13
1	10
2	9
3	10
4	13
5	18
6	25
7	34

Start Graph, Color red

x	y
0	13
1	8
2	9
3	16
4	29

Start Graph, Color green

x	y
1	23
2	15.5
3	14.333
4	16.25
5	20.6
6	27.167

Label "Quantity of Textbooks" at pixel coordinates (175,0).Label "Price of Textbooks" at pixel coordinates (0,170).

Suppose that the equilibrium price is $19.28 (black line). This firm is earning

Profits
Zero Economic Profits (Break-even point)
Losses

Hint

Question 2

The graph below shows cost curves for a firm operating in a perfectly competitive market.

Graphing window shows horizontal axis: 0 to 8, vertical axis: 0 to 24. Start Graph, Color black

x	y
0	12.63
1	12.63
2	12.63
3	12.63
4	12.63
5	12.63
6	12.63
7	12.63
8	12.63

Start Graph, Color blue

x	y
0	14
1	11
2	10
3	11
4	14
5	19
6	26
7	35

Start Graph, Color red

x	y
0	14
1	9
2	10
3	17
4	30

Start Graph, Color green

x	y
1	25
2	17
3	15.667
4	17.5
5	21.8
6	28.333

Label "Quantity of Avocados" at pixel coordinates (175,0).Label "Price of Avocados" at pixel coordinates (0,170).

Suppose that the equilibrium price is $12.63 (black line). This firm is earning

Profits
Losses
Zero Economic Profits (Break-even point)

Hint

Question 3

The graph below shows cost curves for a firm operating in a perfectly competitive market.

Graphing window shows horizontal axis: 0 to 8, vertical axis: 0 to 27. Start Graph, Color black

x	y
0	19.66
1	19.66
2	19.66
3	19.66
4	19.66
5	19.66
6	19.66
7	19.66
8	19.66

Start Graph, Color blue

x	y
0	17
1	14
2	13
3	14
4	17
5	22
6	29
7	38

Start Graph, Color red

x	y
0	17
1	12
2	13
3	20
4	33

Start Graph, Color green

x	y
1	31
2	21.5
3	19.667
4	21.25
5	25.4
6	31.833
7	40.429

Label "Quantity of Pineapples" at pixel coordinates (175,0).Label "Price of Pineapples" at pixel coordinates (0,170).

Suppose that the equilibrium price is $19.66 (black line). This firm is earning

Losses
Profits
Zero Economic Profits (Break-even point)

Hint

Question 4

The graph below shows cost curves for a firm operating in a perfectly competitive market.

Graphing window shows horizontal axis: 0 to 8, vertical axis: 0 to 27. Start Graph, Color black

x	y
0	20
1	20
2	20
3	20
4	20
5	20
6	20
7	20
8	20

Start Graph, Color blue

x	y
0	17
1	14
2	13
3	14
4	17
5	22
6	29
7	38

Start Graph, Color red

x	y
0	17
1	12
2	13
3	20
4	33

Start Graph, Color green

x	y
1	31
2	21.5
3	19.667
4	21.25
5	25.4
6	31.833
7	40.429

Label "Quantity of Oranges" at pixel coordinates (175,0).Label "Price of Oranges" at pixel coordinates (0,170).

Suppose that the equilibrium price is $20 (black line). This firm is earning

Zero Economic Profits (Break-even point)
Profits
Losses

Hint