You can think of the result in any one game as being Eric's marginal free-throw percentage. Based on your previous answer, you can deduce thatwhen Eric's marginal free-throw percentage is above the average, the average must beYou 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 totalcost curve, the average total cost must bev . Also, when the marginal cost curve is above the average total cost curve, the average totalcost must be. Therefore, the marginal cost curve intersects the average total cost curve GameGame ResultTotalGame Free-Throw PercentageAverage Free-Throw Percentage16/86/8757522/88/1632/410/2048/1018/308/1026/40On the following graph, use the orange polnts (square symbol) to plot Eric's free-throw percentage for each game Individually, and use the greenpolnts (triangle symbol) to plot his overall average free-throw percentage after each game.Note: Plot your polnts In the order In which you would like them connected. Line segments will connect the polnts automatically.(?10006Game Free-Throw Percentage807060Average Free-Throw Percentage5040202010123GAMEFREE-THROW PERCENTAGE

Both Average Cost and Marginal Cost are derived from Total Cost Average Cost = Total Cost / Quantity…

You can think of the result in any one game as being Eric's marginal free-throw percentage. Based on your previous answer, you can deduce that when Eric'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

You can think of the result in any one game as being Eric's marginal free-throw percentage. Based on your previous answer, you can deduce that when Eric'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

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter1A: Appendix: Working With Graphs

Section: Chapter Questions

Problem 1E

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Question

You can think of the result in any one game as being Eric's marginal free-throw percentage. Based on your previous answer, you can deduce that
when Eric'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
v . 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

Game
Game Result
Total
Game Free-Throw Percentage
Average Free-Throw Percentage
1
6/8
6/8
75
75
2
2/8
8/16
3
2/4
10/20
4
8/10
18/30
8/10
26/40
On the following graph, use the orange polnts (square symbol) to plot Eric's free-throw percentage for each game Individually, and use the green
polnts (triangle symbol) to plot his overall average free-throw percentage after each game.
Note: Plot your polnts In the order In which you would like them connected. Line segments will connect the polnts automatically.
(?
100
06
Game Free-Throw Percentage
80
70
60
Average Free-Throw Percentage
50
40
20
20
10
1
2
3
GAME
FREE-THROW PERCENTAGE

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