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Consider the following scenario to understand the relationship between marginal and average values. Suppose Musashi is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Musashi'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 8/10 8/10 80 80 4/10 12/20 2/8 14/28 2/4 16/32 6/8 22/40

Consider the following scenario to understand the relationship between marginal and average values. Suppose Musashi is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Musashi'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 8/10 8/10 80 80 4/10 12/20 2/8 14/28 2/4 16/32 6/8 22/40

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Musashi is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Musashi'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 8/10 8/10 80 80 4/10 12/20 3 2/8 14/28 4 2/4 16/32 6/8 22/40
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 Musashi is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Musashi'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 8/10 8/10 80 80 4/10 12/20 3 2/8 14/28 4 2/4 16/32 6/8 22/40
On the following graph, use the orange points (square symbol) to plot Musashi'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 Average Free-Throw Percentage 60 30 10 3 GAME You can think of the result in any one game as being Musashi's marginal free-throw percentage. Based on your previous answer, you can deduce that when Musashi'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 . Also, when the marginal cost curve is above the average total cost curve, the average total cost curve, the average total cost must be total cost must be Therefore, the marginal cost curve intersects the average total cost curve 50 40 20 FREE-THROW PERCENTAGE
Transcribed Image Text:On the following graph, use the orange points (square symbol) to plot Musashi'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 Average Free-Throw Percentage 60 30 10 3 GAME You can think of the result in any one game as being Musashi's marginal free-throw percentage. Based on your previous answer, you can deduce that when Musashi'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 . Also, when the marginal cost curve is above the average total cost curve, the average total cost curve, the average total cost must be total cost must be Therefore, the marginal cost curve intersects the average total cost curve 50 40 20 FREE-THROW PERCENTAGE
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