# Average Total Cost (Dollars per bike) Q = 150 Q = 200 Number of Factories Q...

###### Question:

Average Total Cost (Dollars per bike) Q = 150 Q = 200 Number of Factories Q = 50 220 310 120 160 = 100 140 190 240 = 250 240 190 140 Q = 300 400 310 220 120 400 120 160 120 Suppose Ike's Bikes is currently producing 300 bikes per month in its only factory. Its short-run average total cost is per bike. Suppose Ike's Bikes is expecting to produce 300 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, not the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the green points (triangle symbol) to plot its SRATC curve if it operates one factory (SRATC); use the purple points (diamond symbol) to plotits SRATC curve if it operates two factories (SRATC); and use the orange points (square symbol) to plotits SRATC curve if it operates three factories (SRATC). 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.

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