The relationship between marginal and average costs 3. The relationship between marginal and average costsConsider the following scenario to understand the relationship between marginal and average values. Suppose Eleanor is a professional basketballplayer, and her game log for free throws can be summarized in the following table.Fill in the columns with Eleanor's free-throw percentage for each game and her overall free-throw average after each game.GameGame ResultTotalGame Free-Throw PercentageAverage Free-Throw Percentage16/86/8757522/88/162/410/2048/1018/308/1026/40On the following graph, use the orange points (square symbol) to plot Eleanor's free-throw percentage for each game individually, and use the greenpoints (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.LO 10090Game Free-Throw Percentage807060Average Free-Throw Percentage5040302010+12345GAMEYou can think of the result in any one game as being Eleanor's marginal free-throw percentage. Based on your previous answer, you can deduce thatwhen Eleanor'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 (ATC) curve, when the marginal cost curve is below theaverage total cost curve, the average total cost must beAlso, when the marginal cost curve is above the average total cost curve,theaverage total cost must beTherefore, the marginal cost curve intersects the average total cost curveFREE-THROW PERCENTAGE

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Consider the following scenario to understand the relationship between marginal and average values. Suppose Eleanor is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Eleanor's free-throw percentage for each game and her overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 1 6/8 6/8 75 75 2/8 8/16 3 2/4 10/20 4 8/10 18/30 5 8/10 26/40

Consider the following scenario to understand the relationship between marginal and average values. Suppose Eleanor is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Eleanor's free-throw percentage for each game and her overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 1 6/8 6/8 75 75 2/8 8/16 3 2/4 10/20 4 8/10 18/30 5 8/10 26/40

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter13: Positive Externalities And Public Goods

Section: Chapter Questions

Problem 25P: Becky and Sarah are sisters 1who share a room. Their room can easily get messy, and their parents am...

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The relationship between marginal and average costs

100
90
Game Free-Throw Percentage
80
70
60
Average Free-Throw Percentage
50
40
30
20
10
+
1
2
3
4
5
GAME
You can think of the result in any one game as being Eleanor's marginal free-throw percentage. Based on your previous answer, you can deduce that
when Eleanor'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 (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
FREE-THROW PERCENTAGE

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