The following scenario examines the relationship between marginal and average values. Suppose Jelani is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Jelani's foul-shooting percentage for each game and their overall foul-shooting average after each game. Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage Game 1 8/10 80 2 14/20 3 15/25 4 18/30 5 26/40 FREE-THROW PERCENTAGE On the following graph, use the orange points (square symbol) to plot Jelani's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Jelani's overall average foul-shooting 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 80 70 60 50 40 30 20 10 0 8/10 6/10 1/5 3/5 8/10 0 2 GAME 3 80 4 5 Game Foul-Shooting Percentage Average Foul-Shooting Percentage ? You can think of the result in any one game as being Jelani's marginal shooting percentage. Based on your previous answer, you can deduce that when Jelani's marginal shooting 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 (ATC) 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
The following scenario examines the relationship between marginal and average values. Suppose Jelani is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Jelani's foul-shooting percentage for each game and their overall foul-shooting average after each game. Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage Game 1 8/10 80 2 14/20 3 15/25 4 18/30 5 26/40 FREE-THROW PERCENTAGE On the following graph, use the orange points (square symbol) to plot Jelani's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Jelani's overall average foul-shooting 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 80 70 60 50 40 30 20 10 0 8/10 6/10 1/5 3/5 8/10 0 2 GAME 3 80 4 5 Game Foul-Shooting Percentage Average Foul-Shooting Percentage ? You can think of the result in any one game as being Jelani's marginal shooting percentage. Based on your previous answer, you can deduce that when Jelani's marginal shooting 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 (ATC) 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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:The following scenario examines the relationship between marginal and average values. Suppose Jelani is a high school basketball player. The
following table presents their game-by-game results for foul shots.
Fill in the columns with Jelani's foul-shooting percentage for each game and their overall foul-shooting average after each game.
Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage
Game
1
8/10
80
2
14/20
3
15/25
4
18/30
5
26/40
FREE-THROW PERCENTAGE
On the following graph, use the orange points (square symbol) to plot Jelani's foul-shooting percentage for each game individually, and use the green
points (triangle symbol) to plot Jelani's overall average foul-shooting 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
80
70
60
50
40
30
20
10
0
8/10
6/10
1/5
3/5
8/10
0
2
GAME
3
80
4
5
Game Foul-Shooting Percentage
Average Foul-Shooting Percentage
?
You can think of the result in any one game as being Jelani's marginal shooting percentage. Based on your previous answer, you can deduce that when
Jelani's marginal shooting 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 (ATC) 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
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 33 images
Knowledge Booster
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
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
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)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
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-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education