You can think of the result in any one game as being Frances's marginal free-throw percentage. Based on your previous answer, you can deduce that when Frances's marginal free-throw 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
You can think of the result in any one game as being Frances's marginal free-throw percentage. Based on your previous answer, you can deduce that when Frances's marginal free-throw 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
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Question
13 3.2 question information to go with the picture is below:
On the following graph, use the orange points (square symbol) to plot Frances’s free-throw percentage for each game individually, and use the green points (triangle symbol) to plot her 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.
The first three drop downs are rising or fallling. The last drop down is at it's maximum, at it's minimum or when the ATC is ay 0.
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 Frances is a professional basketball player, and her game log for free throws can be summarized in the following table.
### Table: Game Log for Free Throws
| Game | Game Result | Total | Game Free-Throw Percentage | Average Free-Throw Percentage |
|------|-------------|--------|----------------------------|--------------------------------|
| 1 | 8/10 | 8/10 | 80 | 80 |
| 2 | 6/10 | 14/20 | | |
| 3 | 1/5 | 15/25 | | |
| 4 | 3/5 | 18/30 | | |
| 5 | 8/10 | 26/40 | | |
### Instructions:
Fill in the columns with Frances's free-throw percentage for each game and her overall free-throw average after each game.
This exercise helps illustrate how each game's performance influences the overall average, demonstrating key economic concepts.
![Below is a detailed transcription suitable for an educational website:
---
**Graph Explanation:**
The graph displayed represents free-throw percentages plotted against a series of basketball games. The vertical axis indicates the "Free-Throw Percentage," ranging from 0 to 100. The horizontal axis lists the "Game" number, from 0 to 5.
**Key:**
- The orange squares denote the "Game Free-Throw Percentage."
- The green triangles represent the "Average Free-Throw Percentage."
**Text Explanation:**
You can think of the result in any one game as being Frances's marginal free-throw percentage. Based on your previous answer, you can deduce that when Frances’s marginal free-throw percentage is below the average, the average must be [Blank Space with Dropdown Arrow].
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 [Blank Space with Dropdown Arrow]. Also, when the marginal cost curve is above the average total cost curve, the average total cost must be [Blank Space with Dropdown Arrow]. Therefore, the marginal cost curve intersects the average total cost curve [Blank Space with Dropdown Arrow].
---
This transcription outlines the content of the graph and how it can be applied to concepts in production costs.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbc45d897-7a84-4c44-85b5-d4ddeff2dd93%2Fb0c4ea6d-30ac-4e82-b25d-40e302c25f2b%2Fxh61l4l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Below is a detailed transcription suitable for an educational website:
---
**Graph Explanation:**
The graph displayed represents free-throw percentages plotted against a series of basketball games. The vertical axis indicates the "Free-Throw Percentage," ranging from 0 to 100. The horizontal axis lists the "Game" number, from 0 to 5.
**Key:**
- The orange squares denote the "Game Free-Throw Percentage."
- The green triangles represent the "Average Free-Throw Percentage."
**Text Explanation:**
You can think of the result in any one game as being Frances's marginal free-throw percentage. Based on your previous answer, you can deduce that when Frances’s marginal free-throw percentage is below the average, the average must be [Blank Space with Dropdown Arrow].
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 [Blank Space with Dropdown Arrow]. Also, when the marginal cost curve is above the average total cost curve, the average total cost must be [Blank Space with Dropdown Arrow]. Therefore, the marginal cost curve intersects the average total cost curve [Blank Space with Dropdown Arrow].
---
This transcription outlines the content of the graph and how it can be applied to concepts in production costs.
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