Lumen OHM Assessment

Question 1

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

Graphs with window x: 0 to 8, y: 0 to 27. Start Graph, Color black

x	y
0	23.66
1	23.66
2	23.66
3	23.66
4	23.66
5	23.66
6	23.66
7	23.66
8	23.66

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	19.67
4	21.25
5	25.4
6	31.83
7	40.43

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

Suppose that the equilibrium price is $23.66 (black line). This firm is earning

Zero Economic Profits (Break-even point)
Profits
Losses

Hint

Question 2

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

Graphs with window x: 0 to 8, y: 0 to 21. Start Graph, Color black

x	y
0	9.56
1	9.56
2	9.56
3	9.56
4	9.56
5	9.56
6	9.56
7	9.56
8	9.56

Start Graph, Color blue

x	y
0	11
1	8
2	7
3	8
4	11
5	16
6	23
7	32

Start Graph, Color red

x	y
0	11
1	6
2	7
3	14
4	27

Start Graph, Color green

x	y
1	19
2	12.5
3	11.67
4	13.75
5	18.2
6	24.83

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

Suppose that the equilibrium price is $9.56 (black line). This firm is earning

Profits
Zero Economic Profits (Break-even point)
Losses

Hint

Question 3

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

Graphs with window x: 0 to 8, y: 0 to 28. Start Graph, Color black

x	y
0	21
1	21
2	21
3	21
4	21
5	21
6	21
7	21
8	21

Start Graph, Color blue

x	y
0	18
1	15
2	14
3	15
4	18
5	23
6	30
7	39

Start Graph, Color red

x	y
0	18
1	13
2	14
3	21
4	34

Start Graph, Color green

x	y
1	33
2	23
3	21
4	22.5
5	26.6
6	33
7	41.57

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

Suppose that the equilibrium price is $21 (black line). This firm is earning

Profits
Losses
Zero Economic Profits (Break-even point)

Hint

Question 4

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

Graphs with window x: 0 to 8, y: 0 to 20. Start Graph, Color black

x	y
0	22
1	22
2	22
3	22
4	22
5	22
6	22
7	22
8	22

Start Graph, Color blue

x	y
0	10
1	7
2	6
3	7
4	10
5	15
6	22

Start Graph, Color red

x	y
0	10
1	5
2	6
3	13
4	26

Start Graph, Color green

x	y
1	17
2	11
3	10.33
4	12.5
5	17
6	23.67

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

Suppose that the equilibrium price is $22 (black line). This firm is earning

Zero Economic Profits (Break-even point)
Losses
Profits

Hint