Consider the following scenario to understand the relationship between marginal and average values. Suppose Eleanor is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Eleanor'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 5 8/10 26/40
Consider the following scenario to understand the relationship between marginal and average values. Suppose Eleanor is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Eleanor'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 5 8/10 26/40
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Chapter18: Public Economy
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The relationship between marginal and average costs
![3. The relationship between marginal and average costs
Consider the following scenario to understand the relationship between marginal and average values. Suppose Eleanor is a professional basketball
player, and her game log for free throws can be summarized in the following table.
Fill in the columns with Eleanor'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
2/8
8/16
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 Eleanor'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.
LO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7730b928-1739-40db-bc3b-b66e677f8a3a%2F3b016101-19e6-48bd-a176-2c9bac952465%2F0yj81y_processed.png&w=3840&q=75)
Transcribed Image Text:3. The relationship between marginal and average costs
Consider the following scenario to understand the relationship between marginal and average values. Suppose Eleanor is a professional basketball
player, and her game log for free throws can be summarized in the following table.
Fill in the columns with Eleanor'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
2/8
8/16
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 Eleanor'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.
LO
![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 Eleanor's marginal free-throw percentage. Based on your previous answer, you can deduce that
when Eleanor's marginal free-throw percentage is above 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7730b928-1739-40db-bc3b-b66e677f8a3a%2F3b016101-19e6-48bd-a176-2c9bac952465%2Fwi4fexl_processed.png&w=3840&q=75)
Transcribed Image Text: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 Eleanor's marginal free-throw percentage. Based on your previous answer, you can deduce that
when Eleanor's marginal free-throw percentage is above 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
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