PLEASE USE ARROWS UP AND DOWN AND USE THE EXACT NUMBERS FOR THE POINTS

PLEASE ANSWER IN LAYMAN'S TERMS

PLEASE USE LANGUAGE THAT IS IN THE QUESTION

On the following graph, plot the three SRATC curves for Ike 's Bikes from the previous table. Specifically, use the green points (triangle symbol) to plot its SRATC curve if it operates one factory (SRATC ,); use the purple points (diamond symbol) to plot its SRATC curve if it operates two factories (SRATC ); and use the orange points (square symbol) to plot its SRATC curve if it operates three factories (SRATC J. Finally, plot the long-run average total cost (LRATC) curve for The'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. (?) 800 A 720 640 SRATC 560 450 SRATC, 400 AVERAGE TOTAL COST (Dollars per bike) OCE SRATC; 240 O 160 LRATC 100 200 300 400 500 600 700 QUANTITY (Bikes) In the following table, indicate whether the long-run average cost curve exhibits economies of scale, constant returns to scale, or diseconomies of scale for each range of bike production Range Economies of Scale Constant Returns to Scale Diseconomies of Scale Between 300 and 400 bikes per month O O O Fewer than 300 bikes per month O O O More than 400 bikes per month O O