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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
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
Transcribed Image Text: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
Transcribed Image Text: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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