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f1. Costs In the short run VETSLIS In the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using
\f1. Costs In the short run VETSLIS 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 shortrun average total cost 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.) Average Total Cost {Doliars per bike) Number of Factories Q = 1110 Q = zoo Q = 300 Q = 401] Q = sou Q = 600 1 F0 30 20 4|] El] 160 2 115 55 2E] 20 55 115 3 160 BI] 40 2E] 30 YD Suppose II-ce's Bikes is curren'dyr producing 600 hikes per month in its only factory. Its shortrun average total cost is per hike. Suppose Ike's Bikes is expecng to produce 600 bikes per month for several years. In this case, in the long run, it would choose to produce hikes using V . plot the three short-run average oats-l cost curves (SRAZIC) for Ike's Bikes from the previous tabie. Specifically, use the two factories ymbo to plot its shortrun average totai cost if it operates one factory (51224101); use the purple points (diamond symboU to plot il three factories _e total cost if it operates two factories (SRAICQ); and use the orange points {square symboi) to plot its shortrun average
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