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Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Season Total Game Free-Throw Percentage Average Free-Throw Percentage 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 Charles's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot his 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. FREE-THROW PERCENTAGE 100 90 80 Game Free-Throw Percentage 70 60 Average Free-Throw Percentage 50 40 30 20 10 2 GAME 3 You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles'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 tota cost curve, the average total cost must be . Also, when the marginal cost curve is above the average total cost curve, the average total Therefore, the marginal cost curve intersects the average total cost curve_ cost must be

Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Season Total Game Free-Throw Percentage Average Free-Throw Percentage 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 Charles's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot his 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. FREE-THROW PERCENTAGE 100 90 80 Game Free-Throw Percentage 70 60 Average Free-Throw Percentage 50 40 30 20 10 2 GAME 3 You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles'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 tota cost curve, the average total cost must be . Also, when the marginal cost curve is above the average total cost curve, the average total Therefore, the marginal cost curve intersects the average total cost curve_ cost must be

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter1: Ten Principles Of Economics
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Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. Game Result Season Total Game Free-Throw Percentage Average Free-Throw 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 Charles's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot his 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. FREE-THROW PERCENTAGE 100 90 80 60 50 40 30 2 % 2 % 2 % 22 20 10 0 0 1 2 3 5 GAME Game Free-Throw Percentage Average Free-Throw Percentage ? You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles'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
Transcribed Image Text:Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. Game Result Season Total Game Free-Throw Percentage Average Free-Throw 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 Charles's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot his 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. FREE-THROW PERCENTAGE 100 90 80 60 50 40 30 2 % 2 % 2 % 22 20 10 0 0 1 2 3 5 GAME Game Free-Throw Percentage Average Free-Throw Percentage ? You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles'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
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