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 29. Start Graph, Color black

x	y
0	27.33
1	27.33
2	27.33
3	27.33
4	27.33
5	27.33
6	27.33
7	27.33
8	27.33

Start Graph, Color blue

x	y
0	19
1	16
2	15
3	16
4	19
5	24
6	31
7	40

Start Graph, Color red

x	y
0	19
1	14
2	15
3	22
4	35

Start Graph, Color green

x	y
1	35
2	24.5
3	22.333
4	23.75
5	27.8
6	34.167
7	42.714

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

Suppose that the equilibrium price is $27.33 (black line). This firm is earning

Losses
Profits
Zero Economic Profits (Break-even point)

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 25. Start Graph, Color black

x	y
0	14.98
1	14.98
2	14.98
3	14.98
4	14.98
5	14.98
6	14.98
7	14.98
8	14.98

Start Graph, Color blue

x	y
0	15
1	12
2	11
3	12
4	15
5	20
6	27
7	36

Start Graph, Color red

x	y
0	15
1	10
2	11
3	18
4	31

Start Graph, Color green

x	y
1	27
2	18.5
3	17
4	18.75
5	23
6	29.5

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

Suppose that the equilibrium price is $14.98 (black line). This firm is earning

Losses
Zero Economic Profits (Break-even point)
Profits

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 29. Start Graph, Color black

x	y
0	22.33
1	22.33
2	22.33
3	22.33
4	22.33
5	22.33
6	22.33
7	22.33
8	22.33

Start Graph, Color blue

x	y
0	19
1	16
2	15
3	16
4	19
5	24
6	31
7	40

Start Graph, Color red

x	y
0	19
1	14
2	15
3	22
4	35

Start Graph, Color green

x	y
1	35
2	24.5
3	22.333
4	23.75
5	27.8
6	34.167
7	42.714

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

Suppose that the equilibrium price is $22.33 (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 25. Start Graph, Color black

x	y
0	13
1	13
2	13
3	13
4	13
5	13
6	13
7	13
8	13

Start Graph, Color blue

x	y
0	15
1	12
2	11
3	12
4	15
5	20
6	27
7	36

Start Graph, Color red

x	y
0	15
1	10
2	11
3	18
4	31

Start Graph, Color green

x	y
1	27
2	18.5
3	17
4	18.75
5	23
6	29.5

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

Suppose that the equilibrium price is $13 (black line). This firm is earning

Losses
Profits
Zero Economic Profits (Break-even point)

Hint