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Consider the following scenario to understand the relationship between marginal and average values. Suppose Jacques is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Jacques's free-throw percentage for each game and his overall free-throw average after each game. Game 1 2 3 UAU 4 5 FREE-THROW PERCENTAGE 100 90 80 On the following graph, use the orange points (square symbol) to plot Jacques'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. 70 Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 60 50 40 30 20 10 Game Result 6/8 0 2/8 2/4 0 8/10 8/10 Total 6/8 8/16 10/20 18/30 26/40 1 2 Game Free-Throw Percentage 75 GAME 3 6 O Game Free-Throw Percentage Average Free-Throw Percentage 75 WA Average Free-Throw Percentage (?) You can think of the result in any one game as being Jacques's marginal free-throw percentage. Based on your previous answer, you can deduce that when Jacques'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

Consider the following scenario to understand the relationship between marginal and average values. Suppose Jacques is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Jacques's free-throw percentage for each game and his overall free-throw average after each game. Game 1 2 3 UAU 4 5 FREE-THROW PERCENTAGE 100 90 80 On the following graph, use the orange points (square symbol) to plot Jacques'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. 70 Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 60 50 40 30 20 10 Game Result 6/8 0 2/8 2/4 0 8/10 8/10 Total 6/8 8/16 10/20 18/30 26/40 1 2 Game Free-Throw Percentage 75 GAME 3 6 O Game Free-Throw Percentage Average Free-Throw Percentage 75 WA Average Free-Throw Percentage (?) You can think of the result in any one game as being Jacques's marginal free-throw percentage. Based on your previous answer, you can deduce that when Jacques'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

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the following scenario to understand the relationship between marginal and average values. Suppose Jacques is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Jacques's free-throw percentage for each game and his overall free-throw average after each game. Game 1 2 3 4 5 FREE-THROW PERCENTAGE 22 223 22 100 90 Game Result 50 6/8 On the following graph, use the orange points (square symbol) to plot Jacques'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. 0 2/8 2/4 8/10 8/10 Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Total 6/8 8/16 10/20 18/30 26/40 2 GAME Game Free-Throw Percentage 75 9 O A Game Free-Throw Percentage Average Free-Throw A Average Free-Throw Percentage Percentage 75 (?) You can think of the result in any one game as being Jacques's marginal free-throw percentage. Based on your previous answer, you can deduce that when Jacques'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 Jacques is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Jacques's free-throw percentage for each game and his overall free-throw average after each game. Game 1 2 3 4 5 FREE-THROW PERCENTAGE 22 223 22 100 90 Game Result 50 6/8 On the following graph, use the orange points (square symbol) to plot Jacques'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. 0 2/8 2/4 8/10 8/10 Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Total 6/8 8/16 10/20 18/30 26/40 2 GAME Game Free-Throw Percentage 75 9 O A Game Free-Throw Percentage Average Free-Throw A Average Free-Throw Percentage Percentage 75 (?) You can think of the result in any one game as being Jacques's marginal free-throw percentage. Based on your previous answer, you can deduce that when Jacques'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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