Average Total Cost (Dollars per bike) Number of Factories Q = 100 Q = 200 Q = 300 Q = 400 Q = 500 140 8 160 320 N 230 110 110 230 320 160 140 Suppose Ike's Bikes is currently producing 500 bikes per month in its only factory. Its short-run average total cost is $160 V per bike. Points: 1/1 Explanation: Close Explanation ~ If Ike's Bikes has one factory, the average total cost of producing bikes can be read from the first row of the table. You can see from the table that the average cost of producing 500 bikes per month is $160 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 one factory X Points: 0/1