Attempts3. The relationship between marginal and average costsConsider the following scenario to understand the relationship between marginal and average values. Suppose Paolo is a professional basketballplayer, and his game log for free throws can be summarized in the following table.Fill in the columns with Paolo's free-throw percentage for each game and his overall free-throw average after each game.Game123Average / 44LO5Game ResultTotal Game Free-Throw Percentage Average Free-Throw Percentage8/108/10806/1014/20T1/515/253/518/308/1026/4080 FREE-THROW PERCENTAGE100908070605040302010001+2GAME345Game Free-Throw PercentageAverage Free-Throw PercentageYou can think of the result in any one game as being Paolo's marginal free-throw percentage. Based on your previous answer, you can deduce thatwhen Paolo's marginal free-throw percentage is below the average, the average must beFalling/risingYou can now apply this analysis to production costs. For a U-shaped average total cost curve (ATC), 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, theTherefore, the marginal cost curve intersects the average total cost curveaverage total cost must be1a) As its maximumb) as its minimumc) when the ATC is at 0

Marginal Cost is the additional cost incurred due to production of an additional unit of output.…

3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Paolo is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Paolo's free-throw percentage for each game and his overall free-throw average after each game. Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 8/10 80 14/20 15/25 18/30 26/40 Game 1 ~ 3&5 2 4 8/10 6/10 1/5 3/5 8/10 80 0000

3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Paolo is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Paolo's free-throw percentage for each game and his overall free-throw average after each game. Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 8/10 80 14/20 15/25 18/30 26/40 Game 1 ~ 3&5 2 4 8/10 6/10 1/5 3/5 8/10 80 0000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Paolo is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Paolo's free-throw percentage for each game and his overall free-throw average after each game. Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 6/8 75 8/16 10/20 18/30 26/40 Game 1 2 3 4 5 RCENTAGE 6/8 2/8 2/4 8/10 8/10 On the following graph, use the orange points (square symbol) to plot Paolo'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. 90 75 Game Free-Throw Percentage A Average Free-Throw Percentage
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