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Fil in the columes with Masasi's free-throw percentage for each garme and his overal free-throw average after cach game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 1 4/5 4/5 2 2/5 6/10 1/4 7/14 1/2 8/16 4/4 12/20 On the following graphn, use the orange points (square symbol) to plot Musashi'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: Piot your points in the order in which you would like them connected. Line segnerts will connect the points automatically. Game Free Throw Percentage Average Free Throw Percentage GAME You can think of the result in any one game as being Musashi's marginal free-throw percerntage. Based on your previous answer, you can deduce that when Musash's marginal free-throw percentage is below 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

Fil in the columes with Masasi's free-throw percentage for each garme and his overal free-throw average after cach game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 1 4/5 4/5 2 2/5 6/10 1/4 7/14 1/2 8/16 4/4 12/20 On the following graphn, use the orange points (square symbol) to plot Musashi'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: Piot your points in the order in which you would like them connected. Line segnerts will connect the points automatically. Game Free Throw Percentage Average Free Throw Percentage GAME You can think of the result in any one game as being Musashi's marginal free-throw percerntage. Based on your previous answer, you can deduce that when Musash's marginal free-throw percentage is below 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

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 5QR
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2. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Musashi is a professional basketball player, and his game log for free throws can be summarized in the following table. FNl in the columis with Musashi's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 4/5 4/5 80 80 2 2/5 6/10 3 1/4 7/14 4 1/2 8/16 4/4 12/20 On the following graph, use the orange points (square symbol) to plot Musashi'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. 100 90 Game Free-Throw Percentage 80 70 60 Average Free-Throw Percentage 50 40 20 10 GAME You can think of the result in any one game as being Musashi's marginal free-throw percentage. Based on your previous answer, you can deduce that when Musashi's marginal free-throw percentage is below 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
Transcribed Image Text:2. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Musashi is a professional basketball player, and his game log for free throws can be summarized in the following table. FNl in the columis with Musashi's free-throw percentage for each game and his overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 4/5 4/5 80 80 2 2/5 6/10 3 1/4 7/14 4 1/2 8/16 4/4 12/20 On the following graph, use the orange points (square symbol) to plot Musashi'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. 100 90 Game Free-Throw Percentage 80 70 60 Average Free-Throw Percentage 50 40 20 10 GAME You can think of the result in any one game as being Musashi's marginal free-throw percentage. Based on your previous answer, you can deduce that when Musashi's marginal free-throw percentage is below 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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