5. The relationship between marginal and average costs Consider the following scenario to understand the relationship be

[answerhappygod]

5 The Relationship Between Marginal And Average Costs Consider The Following Scenario To Understand The Relationship Be 1 (38.68 KiB) Viewed 41 times

5 The Relationship Between Marginal And Average Costs Consider The Following Scenario To Understand The Relationship Be 2 (37.97 KiB) Viewed 41 times

5. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Antonio is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Antonio'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 Game 1 8/10 80 14/20 15/25 18/30 26/40 2 3 THROW PERCENTAGE 4 5 88 2 2 2 2 2 On the following graph, use the orange points (square symbol) to plot Antonio'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 00 60 8/10 6/10 50 1/5 3/5 8/10 80 -0- Game Free-Throw Percentage Average Free-Throw Percentage

Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. FREE-THROW PERCENTAGE 100 8 2 2 2 2 2 2 70 60 40 30 2 10 D GAME 3 Game Free-Throw Percentage Average Free-Throw Percentage You can think of the result in any one game as being Antonio's marginal free-throw percentage. Based on your previous answer, you can deduce that when Antonio'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 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 Therefore, the marginal cost curve intersects the average total cost curve cost must be Grade It Now Save & Continue Continue without saving