100 90 Game Free-Throw Percentage 80 70 60 Average Free-Throw Percentage 50 40 30 20 10 1 2 3 4 5 GAME You can think of the result in any one game as being Hilary's marginal free-throw percentage. Based on your previous answer, you can deduce that when Hilary's marginal free-throw percentage is below the average, the average must be You can now apply this analysis to production costs. For a U-shaped average total cost (ATC) curve, when the marginal cost curve is below the average total cost curve, the average total cost must be Also, when the marginal cost curve is above the average total cost curve, the average total cost must be . Therefore, the marginal cost curve intersects the average total cost curve FREE-THROW PERCENTAGE The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Hilary is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Hilary's free-throw percentage for each game and her overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 1 8/10 8/10 80 80 6/10 14/20 3 1/5 15/25 4 3/5 18/30 5 8/10 26/40 On the following graph, use the orange points (square symbol) to plot Hilary's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot her overall average free-throw percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section: Chapter Questions

Problem 8WNG

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Question

You can think of the result in any one game as being Hilary’s marginal free-throw percentage. Based on your previous answer, you can deduce that when Hilary’s marginal free-throw percentage is below the average, the average must be (falling/rising). You can now apply this analysis to production costs. For a U-shaped average total cost (ATC) curve, when the marginal cost curve is below the average total cost curve, the average total cost must be (falling/rising) . Also, when the marginal cost curve is above the average total cost curve, the average total cost must be (falling/rising). Therefore, the marginal cost curve intersects the average total cost curve (at its maximum/at its minimun/when the ATC is at 0).

100
90
Game Free-Throw Percentage
80
70
60
Average Free-Throw Percentage
50
40
30
20
10
1
2
3
4
5
GAME
You can think of the result in any one game as being Hilary's marginal free-throw percentage. Based on your previous answer, you can deduce that
when Hilary's marginal free-throw percentage is below the average, the average must be
You can now apply this analysis to production costs. For a U-shaped average total cost (ATC) curve, when the marginal cost curve is below the
average total cost curve, the average total cost must be
Also, when the marginal cost curve is above the average total cost curve, the
average total cost must be
. Therefore, the marginal cost curve intersects the average total cost curve
FREE-THROW PERCENTAGE

The relationship between marginal and average costs
Consider the following scenario to understand the relationship between marginal and average values. Suppose Hilary is a professional basketball
player, and her game log for free throws can be summarized in the following table.
Fill in the columns with Hilary's free-throw percentage for each game and her overall free-throw average after each game.
Game
Game Result
Total
Game Free-Throw Percentage
Average Free-Throw Percentage
1
8/10
8/10
80
80
6/10
14/20
3
1/5
15/25
4
3/5
18/30
5
8/10
26/40
On the following graph, use the orange points (square symbol) to plot Hilary's free-throw percentage for each game individually, and use the green
points (triangle symbol) to plot her overall average free-throw percentage after each game.
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

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