The following scenario examines the relationship between marginal and average values. Suppose Parker is a high school basketball player. Thefollowing table presents their game-by-game results for foul shots.Fill in the columns with Parker's foul-shooting percentage for each game and their overall foul-shooting average after each game.GameGame Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage14/5802345FREE-THROW PERCENTAGE100On the following graph, use the orange points (square symbol) to plot Parker's foul-shooting percentage for each game individually, and use the greenpoints (triangle symbol) to plot Parker'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.90807060504030201004/52/51/41/24/406/107/148/1612/2012GAME000035Game Foul-Shooting PercentageAverage Foul-Shooting Percentage?You can think of the result in any one game as being Parker's marginal shooting percentage. Based on your previous answer, you can deduce thatwhen Parker's marginal shooting percentage is above the average, the average must beYou 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 averagetotal cost curve, the average total cost must be. Also, when the marginal cost curve is above the average total cost curve, the average▼. Therefore, the marginal cost curve intersects the average total cost curvetotal cost must be

Marginal cost refers to the additional cost incurred when one extra unit of a good or service is…

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

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose that average total cost is $60, average fixed cost is $25, marginal cost is $45, and output is 400. What is the numerical value of total variable cost?
3. For the cost function c = √q, show that marginal and average costs are always decreasing.
a) Using the definition Q x AC = TC where Q = output, TC = the total cost of production and AC = the average cost of production, and the technique of calculus, show that marginal cost is greater (less) than average costwhen average cost is rising (falling).
Graphically, the marginal cost curve and the average total cost curve intersect where
Marginal Cost (using total cost) Quantity Total Variable Marginal Cost Cost Cost (using variable cost) $300 $0 --- --- 1 350 50 $50 $50 2 390 90 $40 $40 420 120 4 450 150 490 190 540 240
The following table shows the capital and labor requirements for 10 different levels of production. Assuming that the price of labor (PL) is $8 per unit and the price of capital (PK) is $6 per unit, compute and graph total cost, marginal cost, and average cost for the firm. To do this, fill in the total cost for each output level in the table below. (Enter your responses as whole numbers.) 9 0 1 2 3 4 5 6 7 8 9 10 K 0 20 20 20 20 20 20 20 20 20 20 L 0 3 7 10 13 17 23 31 41 53 67 TC 0 Cost per unit ($) 0 1 2 3 4 5 6 7 8 9 10 11 12 Units of output Q ✔
Let's play around with the concepts of total cost versus marginal cost Suppose a grocery store figures out that it costs $500 per week to hire a full time worker who can fill pickup orders. Create a table with room for 5 columns and 6 rows in your notes Use the top row for titles. The first (left) column should be titled Number of Workers and should have 0, 1, 2, 3, 4 as values. We're going to analyze whether the store should hire 0, 1, 2, 3 or 4 workers. Title the next column Total Cost (TC) and the third column Marginal Cost (MC). Put an X in the MC square corresponding to 0 workers. That would be the cost of going from negative 1 workers to 0 workers, let's leave it blank YOu'll see that marginal columns tend to start across from the first unit. We'll use the remaining columns later. What is the Marginal Cost per week of hiring the 4th worker? $500 O $1,000 O $1,500 $2,000
Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C (z), the cost of producing z items (of whatever they are selling). This question deals with just the cost function C (z). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C (z) = 5z – 8/I – 3. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number
If marginal cost is less than average cost, average cost must fall when more units are produced. Is this true?
Please answer in detail.
If the average cost of producing 10 sweaters is $6.50 and the marginal cost of producing the tenth sweater is $6.25, the average cost of producing 10 sweaters will be:
please only solve part d, e, f