Consider the following scenario to understand the relationship between marginal and average values. Suppose Brian is a professional basketball player,and his game log for free throws can be summarized in the following table.Fill in the columns with Brian's free-throw percentage for each game and his overall free-throw average after each game.GameGame ResultTotalGame Free-Throw PercentageAverage Free-Throw Percentage14/54/580802/56/101/47/141/28/164/412/20On the following graph, use the orange points (square symbol) to plot Brian'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.10090Game Free-Throw Percentage807060Average Free-Throw PercentagePERCENTAGE lon ảnd Cost in the FirmNote: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.1009080Game Free-Throw Percentage7060Average Free-Throw Percentage504030201034.GAMEYou can think of the result in any one game as being Brian's marginal free-throw percentage. Based on your previous answer, you can deduce that whenBrian'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 curve, when the marginal cost curve is below the average totalcost curve, the average total cost must beAlso, when the marginal cost curve is above the average total cost curve, the average total costmust be. Therefore, the marginal cost curve intersects the average total cost curveFREE-THROW PERCENTAGE

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Consider the following scenario to understand the relationship between marginal and average values. Suppose Brian is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Brian'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 2/5 6/10 1/4 7/14 4 1/2 8/16 4/4 12/20 On the following graph, use the orange points (square symbol) to plot Brian'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 60 Average Free-Throw Percentage RCENTAGE

Consider the following scenario to understand the relationship between marginal and average values. Suppose Brian is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Brian'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 2/5 6/10 1/4 7/14 4 1/2 8/16 4/4 12/20 On the following graph, use the orange points (square symbol) to plot Brian'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 60 Average Free-Throw Percentage RCENTAGE

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 12RQ: What is the difference between microeconomics and macroeconomics?

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Consider the following scenario to understand the relationship between marginal and average values. Suppose Brian is a professional basketball player,
and his game log for free throws can be summarized in the following table.
Fill in the columns with Brian'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
1
4/5
4/5
80
80
2/5
6/10
1/4
7/14
1/2
8/16
4/4
12/20
On the following graph, use the orange points (square symbol) to plot Brian'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
60
Average Free-Throw Percentage
PERCENTAGE

lon ảnd Cost in the Firm
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
50
40
30
20
10
3
4.
GAME
You can think of the result in any one game as being Brian's marginal free-throw percentage. Based on your previous answer, you can deduce that when
Brian'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 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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