29979995799&elSBN=97803571336068&snapshotld%3D2200166&id%3D1061547992&takeld560480SRATC,400320SRATC240160LRATC80++100200300400500600700QUANTITY (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 ScaleMore than 400 bikes per monthFewer than 300 bikes per monthBetween 300 and 400 bikes per monthMacerAVERAGE TOTAL COST (Dollars per b Ike'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 variouslevels of 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 = 200Q = 300Q = 400Q = 500Q = 600%3D3602001602404007205403001601603005403720400240160200360Suppose Ike's Bikes is currently producing 500 bikes per month in its only factory. Its short-run average total cost is sper bike.Suppose Ike's Bikes is expecting to produce 500 bikes per month for several years. In this case, in the long run, it would choose to produce bikesusingOn 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 (SRATC,); use the purple points (diamond symbol) to plot its SRATC curve if it operates two factories (teplot it CDATC CHEVO iR.onoratoec throo actorios SRATC Finall alet thalona runacer

Note: I am answering the 2 parts only. For the graph part, the complete information to plot the…

Average Total Cost (Dollars per bike) Number of Factories Q = 100 Q = 200 Q = 300 Q = 400 Q = 500 Q = 600 360 200 160 240 400 720 540 300 160 160 300 540 3. 720 400 240 160 200 360 Suppose Ike's Bikes is currently producing 500 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 500 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using

Average Total Cost (Dollars per bike) Number of Factories Q = 100 Q = 200 Q = 300 Q = 400 Q = 500 Q = 600 360 200 160 240 400 720 540 300 160 160 300 540 3. 720 400 240 160 200 360 Suppose Ike's Bikes is currently producing 500 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 500 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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