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Average Total Cost ( Dollars per bike) Number of Factories Q = 100 Q = 200 Q - 300 Q = 400 440 280 240

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Average Total Cost ( Dollars per bike) Number of Factories Q = 100 Q = 200 Q - 300 Q = 400 440 280 240 320 480 800 620 380 240 240 380 620 300 480 320 240 280 440 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is S per 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 bikes using On the following graph, plot the three short-run average total cost (SRATC) curves for Ike's Bikes from the previous table. Specifically, use the green points (triangle symbol) to plot its short-run average total cost if it operates one factory (SRATCy); use the purple points (diamond symbol) to plot its short-run average total cost if it operates two factories (SRATO2); and use the orange points (square symbol) to plot its short-run average total cost if it operates three factories (SR.ATC:). Finally, plot the long-run average total cost (LRATO) 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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