2. The relationship between marginal and average costsConsider the following scenario to understand the relationship between marginal and average values. Suppose Latasha is a professional basketballplayer, and her game log for free throws can be summarized in the following table.Fill in the columns with Latasha's free-throw percentage for each game and her overall free-throw average after each game.GameGame ResultTotalGame Free-Throw PercentageAverage Free-Throw Percentage1.8/108/1080806/1014/2031/515/2543/518/3058/1026/40On the following graph, use the orange points (square symbol) to plot Latasha's free-throw percentage for each game individually, and use the greenpoints (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. 10090Game Free-Throw Percentage807060Average Free-Throw Percentage50302010GAMEYou can think of the result in any one game as being Latasha's marginal free-throw percentage. Based on your previous answer, you can deduce thatwhen Latasha's marginal free-throw percentage is below the average, the average must beYou 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 averagetotal cost curve, the average total cost must bev . Also, when the marginal cost curve is above the average total cost curve, the averagetotal cost must beTherefore, the marginal cost curve intersects the average total cost curveFREE-THROW PERCENTAGE

Given: Game Game Result Total 1 8/10 8/10 2 6/10 14/20 3 1/5 15/25…

2. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Latasha is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Latasha'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 1/5 15/25 3/5 18/30 5 8/10 26/40 On the following graph, use the orange points (square symbol) to plot Latasha'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: Dlot vour points in the order in which vou would like them connected Line seaments will connect the noints automatically

2. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Latasha is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Latasha'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 1/5 15/25 3/5 18/30 5 8/10 26/40 On the following graph, use the orange points (square symbol) to plot Latasha'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: Dlot vour points in the order in which vou would like them connected Line seaments will connect the noints automatically

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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