3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Caroline is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Caroline'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 6/8 6/8 75 75 2/8 8/16 3 2/4 10/20 4 8/10 18/30 8/10 26/40 On the following graph, use the orange points (square symbol) to plot Caroline'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. 100 90 80 Game Free-Throw Percentage 70 60 Average Free-Throw Percentage RCENTAGE

3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Caroline is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Caroline'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 6/8 6/8 75 75 2/8 8/16 3 2/4 10/20 4 8/10 18/30 8/10 26/40 On the following graph, use the orange points (square symbol) to plot Caroline'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. 100 90 80 Game Free-Throw Percentage 70 60 Average Free-Throw Percentage RCENTAGE

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Kenji is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Kenji's free-throw percentage for each game and his overall free-throw average after each game. Game Result Season Total Game Free-Throw Percentage Average Free-Throw Percentage Game 1 80 2 UAWN 8/10 4/10 2/8 2/4 6/8 8/10 12/20 14/28 16/32 22/40 80
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Three college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the student recreation center, which pays $6,000 per year. A fully equipped facility can be leased at a cost of $8,000 per year. Additional costs are $1,000 a year for insurance and $.50 per person per hour for materials and supplies. Their services would be priced at $10 per hour per person. a. What are fixed costs? b. What are variable costs? c. What is the marginal cost? d. How many student hours would it take to break even ?
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Imagine a very talented young person who has just graduated from high school and has been offered a 4-year contract worth ten million dollars to play professional basketball for the LA Bakers, and has also received an offer of acceptance to UCLA with full fellowship. The fellowship covers her tuition, room, and board, along with a generous monthly stipend of 2500 dollars for living expenses for 4+1 years. Which of the following is true for this scenario? ( Remember: the cost of something is what you give up to get it!)A) The cost of the four years of college education for this person is very high, in the range of millions of dollars.B) The cost of the four-years of college education for this person is almost zero because of the generous fellowship and financial aid package she has received.C) The cost of the four years of college education for this is person is the sum of the tuition, room, and board expenses, plus the monthly stipend of 2500 dollars for 4 years.D) The rational choice…
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