Homework Help is Here – Start Your Trial Now!
Business
Economics
Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Season Total Game Free-Throw Percentage Average Free-Throw Percentage 1 8/10 8/10 2 4/10 12/20 3 2/8 14/28 4 2/4 16/32 5 6/8 22/40 80 80 On the following graph, use the orange points (square symbol) to plot Charles'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. FREE-THROW PERCENTAGE 100 90 80 Game Free-Throw Percentage 70 60 Average Free-Throw Percentage 50 40 30 20 10 2 GAME 3 You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles'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 curve, when the marginal cost curve is below the average tota cost curve, the average total cost must be . Also, when the marginal cost curve is above the average total cost curve, the average total Therefore, the marginal cost curve intersects the average total cost curve_ cost must be

Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Season Total Game Free-Throw Percentage Average Free-Throw Percentage 1 8/10 8/10 2 4/10 12/20 3 2/8 14/28 4 2/4 16/32 5 6/8 22/40 80 80 On the following graph, use the orange points (square symbol) to plot Charles'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. FREE-THROW PERCENTAGE 100 90 80 Game Free-Throw Percentage 70 60 Average Free-Throw Percentage 50 40 30 20 10 2 GAME 3 You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles'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 curve, when the marginal cost curve is below the average tota cost curve, the average total cost must be . Also, when the marginal cost curve is above the average total cost curve, the average total Therefore, the marginal cost curve intersects the average total cost curve_ cost must be

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
None
Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. Game Result Season Total Game Free-Throw Percentage Average Free-Throw Percentage Game 1 8/10 8/10 2 4/10 12/20 3 2/8 14/28 4 2/4 16/32 5 6/8 22/40 80 80 On the following graph, use the orange points (square symbol) to plot Charles'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. FREE-THROW PERCENTAGE 100 90 80 60 50 40 30 2 % 2 % 2 % 22 20 10 0 0 1 2 3 5 GAME Game Free-Throw Percentage Average Free-Throw Percentage ? You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles'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 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
Transcribed Image Text:Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. Game Result Season Total Game Free-Throw Percentage Average Free-Throw Percentage Game 1 8/10 8/10 2 4/10 12/20 3 2/8 14/28 4 2/4 16/32 5 6/8 22/40 80 80 On the following graph, use the orange points (square symbol) to plot Charles'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. FREE-THROW PERCENTAGE 100 90 80 60 50 40 30 2 % 2 % 2 % 22 20 10 0 0 1 2 3 5 GAME Game Free-Throw Percentage Average Free-Throw Percentage ? You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles'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 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
Expert Solution
steps

Step by step

Solved in 4 steps with 23 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Payoff Matrix
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS