ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

I'm not sure if I am doing this correctly.

On the following graph, plot the three short-run average total cost curves (SRATC) 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 (SRATC₁); use the purple points (diamond symbol) to plot its short-run average total cost if it operates two factories (SRATC₂); and use the orange points (square symbol) to plot its short-run average total cost if it operates three factories (SRATC3). Finally, plot the long-run average total cost (LRATC) 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. AVERAGE TOTAL COST (Dollars per bike) 400 360 320 280 240 200 160 120 80 40 0 0 100 200 400 500 300 QUANTITY OF OUTPUT (Bikes) More than 400 bikes per month O Between 300 and 400 bikes per month 600 Fewer than 300 bikes per month 700 SRATC₁ SRATC2 SRATC3 In the long run, over which range of output levels does Ike's Bikes experience economies of scale? ou LRATC
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Transcribed Image Text:On the following graph, plot the three short-run average total cost curves (SRATC) 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 (SRATC₁); use the purple points (diamond symbol) to plot its short-run average total cost if it operates two factories (SRATC₂); and use the orange points (square symbol) to plot its short-run average total cost if it operates three factories (SRATC3). Finally, plot the long-run average total cost (LRATC) 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. AVERAGE TOTAL COST (Dollars per bike) 400 360 320 280 240 200 160 120 80 40 0 0 100 200 400 500 300 QUANTITY OF OUTPUT (Bikes) More than 400 bikes per month O Between 300 and 400 bikes per month 600 Fewer than 300 bikes per month 700 SRATC₁ SRATC2 SRATC3 In the long run, over which range of output levels does Ike's Bikes experience economies of scale? ou LRATC
10. 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 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.) Number of Factories Q = 100 Q = 200 140 60 110 160 1 2 3 230 320 Average Total Cost (Dollars per bike) Q = 300 Q = 400 40 80 40 40 40 80 Q = 500 160 110 60 Q = 600 320 230 140 Suppose Ike's Bikes is currently producing 500 bikes per month in its only factory. Its short-run average total cost 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
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Transcribed Image Text:10. 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 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.) Number of Factories Q = 100 Q = 200 140 60 110 160 1 2 3 230 320 Average Total Cost (Dollars per bike) Q = 300 Q = 400 40 80 40 40 40 80 Q = 500 160 110 60 Q = 600 320 230 140 Suppose Ike's Bikes is currently producing 500 bikes per month in its only factory. Its short-run average total cost 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
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