(Solved): ce's Bikes is a major manufacturer of bicycles. Currently, the company produces blkes using only on ...

ce's Bikes is a major manufacturer of bicycles. Currently, the company produces blkes using only one factory. However, it is considering expanding roduction to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Suppose Ike's Bikes is currently producing 50 bikes per month in its only foctory. Its short-run average total cost is per bike. Suppose Ike's bikes is expecting to produce 50 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, plot the three SRATC curves for the's Bukes from the previous table. Specifically, use the green paints (triangle symbol) to plot its SRATC curve if it operates one factory (SRATC ); use the purple points (diamond symbol) to plot its SRATC curve if it operates two factories ? \( S_{R A T C} \) ); and use the orange points (square symbol) to plot its SRATC curve if it operates three factories (SRATC1). Finally, plot the long-run average total cost (LRATC) curve for Ike's bikes using the blue points (circle symboll). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost ( \( 5 R A T C \) ) each month for various levels of production if it uses one, two, or three factories, (Note: Q equals the total quantity of bikes produced by all factories.) Suppose Ike's bikes is currentyy producing 375 bikes per month in its onty factory. Its short-run average total cost is per bike. using On the falliowing graph, plot the three SRATC curves for the's Bikes from the previous table specificaly, use the green points (triangle symbol) to plot its SRATC curve if it operates one foctory \( \left(S R A T C_{1}\right) \) ); use the purple points (diamand symbol) to plot its sRaTC curve if it operates tho foctories \( C \) \( S R A T C_{2} \) ); and inse the orange points (square symbin) to plot its SRATC curve if it operates three factories (SRATC ). Finatioy, piot the long-run? average total cost (LRATC) curve for Thes Bakes using the blue points (circie symbir). Note: Plot your points in the order in which you would like them connected. Line sammanta will connect the points dutornoticolly.