See attached pictures for the question. On the following graph, plot the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the green points (triangle symbol) to plotits SRATC curve if it operates one factory (SRATC1); use the purple points (diamond symbol) to plot its SRATC curve if it operates two factories (SRATC2); and use the orange points (square symbol) to plot its SRATC curve if it operates three factories (SRATC3). Finally, plot the long-runaverage total cost (LRATC) curve for Ike's Bikes using the blue points (circle symbol).Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.800720SRATC,640560480SRATC2400320SRATC3240160LRATC80100200300400500600700QUANTITY (Bikes)In the following table, indicate whether the long-run average cost curve exhibits economies of scale, constant returns to scale, or diseconomies ofscale for each range of bike production.RangeEconomies of ScaleConstant Returns to ScaleDiseconomies of ScaleFewer than 300 bikes per monthBetween 300 and 400 bikes per monthMore than 400 bikes per monthAVERAGE TOTAL COST (Dollars per bike)O o o 3. Costs in the short run versus in the long runIke's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expandingproduction to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levelsof production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.)Average Total Cost(Dollars per bike)Number of FactoriesQ = 100Q = 200О 3 300Q = 400Q = 500О — 600136020016024040072025403001601603005403720400240160200360Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost isper bike.Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikesusingone factoryOn theplot the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the green points (triangle symbol) to plottwo factoriesits SRerates one factory (SRATC1); use the purple points (diamond symbol) to plot its SRATC curve if it operates two factories (SRA three factories orange points (square symbol) to plot its SRATC curve if it operates three factories (SRATC3). Finally, plot the long-runaverage totar cUST (LRATC) curve for Ike's Bikes using the blue points (circle symbol).

This can be described as the cost advantages that businesses can achieve by increasing production…

On the following graph, plot the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the green points (triangle symbol) to p its SRATC curve if it operates one factory (SRATC₁); use the purple points (diamond symbol) to plot its SRATC curve if it operates two factories ( SRATC2); and use the orange points (square symbol) to plot its SRATC curve if it operates three factories (SRATC3). Finally, plot the long-run average total cost (LRATC) curve for Ike's Bikes using the blue points (circle symbol). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

On the following graph, plot the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the green points (triangle symbol) to p its SRATC curve if it operates one factory (SRATC₁); use the purple points (diamond symbol) to plot its SRATC curve if it operates two factories ( SRATC2); and use the orange points (square symbol) to plot its SRATC curve if it operates three factories (SRATC3). Finally, plot the long-run average total cost (LRATC) curve for Ike's Bikes using the blue points (circle symbol). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The process of developing a service plan
Where do you get the number 11?
Fill in the blanks
https://m.youtube.com/watch?v=M5uYCWVfuPQ Please watch the following video and write a 2 paragraph response. 1st paragraph should be a summary. 2nd paragraph should be your reaction to the video.
Types of consumer goods
Outline and explain the guidelines for ensuring e-invitations are successful.
Sasha and Brian just bought their new home, a high-rise condo located downtown. They measured the main wall where they would like to put their couch and found that it won't fit. Seems like the couple may need new furniture. Sasha and Brian are in which stage of the consumer decision making process? Need recognition Information search Evaluation of alternative Post purchase behaviour
Where does Mark Dean call home?
If a design will will it be perfect for everyone
Create a 2 days plan on how to save money.
what is the most important concept in satisfying needs and wants
Fill in blank