The following scenario examines the relationship between marginal and average values. Suppose Lee is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Lee'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 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 Lee's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Lee'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. FREE-THROW PERCENTAGE 100 90 80 70 60 50 40 30 20 10 0 0 2 3 GAME Game Foul-Shooting Percentage Average Foul-Shooting Percentage ? You can think of the result in any one game as being Lee's marginal shooting percentage. Based on your previous answer, you can deduce that when Lee's marginal shooting 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 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 Lee is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Lee'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 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 Lee's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Lee'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. FREE-THROW PERCENTAGE 100 90 80 70 60 50 40 30 20 10 0 0 2 3 GAME Game Foul-Shooting Percentage Average Foul-Shooting Percentage ? You can think of the result in any one game as being Lee's marginal shooting percentage. Based on your previous answer, you can deduce that when Lee's marginal shooting 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 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
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter1: The Economic Approach
Section: Chapter Questions
Problem 10CQ
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Question
Transcribed Image Text:The following scenario examines the relationship between marginal and average values. Suppose Lee is a high school basketball player. The following
table presents their game-by-game results for foul shots.
Fill in the columns with Lee'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
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 Lee's foul-shooting percentage for each game individually, and use the green
points (triangle symbol) to plot Lee'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.
FREE-THROW PERCENTAGE
100
90
80
70
60
50
40
30
20
10
0
0
2
3
GAME
Game Foul-Shooting Percentage
Average Foul-Shooting Percentage
?
You can think of the result in any one game as being Lee's marginal shooting percentage. Based on your previous answer, you can deduce that when
Lee's marginal shooting 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
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
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