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 22. Start Graph, Color black

x	y
0	14.92
1	14.92
2	14.92
3	14.92
4	14.92
5	14.92
6	14.92
7	14.92
8	14.92

Start Graph, Color blue

x	y
0	12
1	9
2	8
3	9
4	12
5	17
6	24
7	33

Start Graph, Color red

x	y
0	12
1	7
2	8
3	15
4	28

Start Graph, Color green

x	y
1	21
2	14
3	13
4	15
5	19.4
6	26

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

Suppose that the equilibrium price is $14.92 (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 21. Start Graph, Color black

x	y
0	8.56
1	8.56
2	8.56
3	8.56
4	8.56
5	8.56
6	8.56
7	8.56
8	8.56

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	11.667
4	13.75
5	18.2
6	24.833

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

Suppose that the equilibrium price is $8.56 (black line). This firm is earning

Zero Economic Profits (Break-even point)
Losses
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 23. Start Graph, Color black

x	y
0	14.28
1	14.28
2	14.28
3	14.28
4	14.28
5	14.28
6	14.28
7	14.28
8	14.28

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

Suppose that the equilibrium price is $14.28 (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	16
1	16
2	16
3	16
4	16
5	16
6	16
7	16
8	16

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 $16 (black line). This firm is earning

Losses
Zero Economic Profits (Break-even point)
Profits

Hint