# 3. The Relationship Between Marginal and Average CostsConsider the following scenario to understand the relationship between marginal and average values. Suppose Bob is a professional basketball player, and his game log for free throws can be summarized in the following table.### Table: Bob's Free-Throw Performance| Game | Game Result | Total | Game Free-Throw Percentage | Average Free-Throw Percentage ||------|-------------|-------|----------------------------|------------------------------|| 1 | 4/5 | 4/5 | 80 | 80 || 2 | 2/5 | 6/10 | | || 3 | 1/4 | 7/14 | | || 4 | 1/2 | 8/16 | | || 5 | 4/4 | 12/20 | | |### InstructionsFill in the columns with Bob’s free-throw percentage for each game and his overall free-throw average after each game.### Graph ExplanationOn the following graph, use the orange points (square symbol) to plot Bob’s free-throw percentage for each game individually, and use the green points (triangle symbol) to plot his 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.- **Graph Axes:** The vertical axis represents the percentage, ranging from 0 to 100. The horizontal axis lists the games sequentially.- **Orange Squares:** Represent the Game Free-Throw Percentage for each game.- **Green Triangles:** Represent the Average Free-Throw Percentage after each game.This setup facilitates a visual comparison of Bob's performance across games, showing both individual game percentages and cumulative average trends. **Graph Description:**The image contains a line graph titled "FREE-THROW PERCENTAGE" represented on the y-axis, with the percentage ranging from 0 to 100. The x-axis is labeled "GAME" and is numbered from 0 to 5. Two series are depicted in the legend:1. **Game Free-Throw Percentage** (represented by an orange square icon)2. **Average Free-Throw Percentage** (represented by a green triangle icon)The graph currently does not have any data points plotted, and no lines are visible.**Text Description:**Below the graph, there is instructional text related to analyzing free-throw percentages and production costs:1. **Free-Throw Analysis:** - Consider the results of a single game as Bob's marginal free-throw percentage. Based on a prior answer, it states: - If Bob’s marginal free-throw percentage is below the average, then the average must be decreasing.2. **Production Cost Analysis:** - For a U-shaped average total cost (ATC) curve: - If the marginal cost curve is below the average total cost curve, then the average total cost must be decreasing. - Conversely, if the marginal cost curve is above the average total cost curve, then the average total cost must be increasing. - The marginal cost curve intersects the average total cost curve at its minimum point.These explanations guide understanding of how individual game performance affects average quantities and how these concepts translate to economic production costs.

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Consider the following scenario to understand the relationship between marginal and average values. Suppose Bob is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Bob's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 4/5 4/5 80 80 2 2/5 6/10 1/4 7/14 4 1/2 8/16 5 4/4 12/20 On the following graph, use the orange points (square symbol) to plot Bob's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot his 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 Game Free-Throw Percentage 80 70

Consider the following scenario to understand the relationship between marginal and average values. Suppose Bob is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Bob's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 4/5 4/5 80 80 2 2/5 6/10 1/4 7/14 4 1/2 8/16 5 4/4 12/20 On the following graph, use the orange points (square symbol) to plot Bob's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot his 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 Game Free-Throw Percentage 80 70

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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