The following scenario examines the relationship between marginal and average values. Suppose Parker is a high school basketball player. Thefollowing table presents their game-by-game results for foul shots.Fill in the columns with Parker's foul-shooting percentage for each game and their overall foul-shooting average after each game.GameGame Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage14/5802345FREE-THROW PERCENTAGE100On the following graph, use the orange points (square symbol) to plot Parker's foul-shooting percentage for each game individually, and use the greenpoints (triangle symbol) to plot Parker's overall average foul-shooting 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.90807060504030201004/52/51/41/24/406/107/148/1612/2012GAME000035Game Foul-Shooting PercentageAverage Foul-Shooting Percentage?You can think of the result in any one game as being Parker's marginal shooting percentage. Based on your previous answer, you can deduce thatwhen Parker's marginal shooting 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 the averagetotal cost curve, the average total cost must be. Also, when the marginal cost curve is above the average total cost curve, the average▼. Therefore, the marginal cost curve intersects the average total cost curvetotal cost must be

Marginal cost refers to the additional cost incurred when one extra unit of a good or service is…

You can think of the result in any one game as being Parker's marginal shooting percentage. Based on your previous answer, you can deduce that when Parker's marginal shooting 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

You can think of the result in any one game as being Parker's marginal shooting percentage. Based on your previous answer, you can deduce that when Parker's marginal shooting 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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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