Mikes bicycle factory builds specialty bicycles with the, Econometrics

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Mikes bicycle factory builds specialty bicycles with the

Mike's Bicycle Factory builds specialty bicycles with the following long-run cost function: TC = 2.5( Q³ ). Plot Mike's ATC and MC curves for quantities 1 through 5.

a. For which quantities does Mike's Bicycle Factory exhibit economies of scale?

b. For which quantities does it exhibit diseconomies of scale?

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