Homework: Production and Cost: X MindTap - Cengage Learning X Course Hero * + Minimize X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&elSBN=978133... A CJ CENGAGE | MINDTAP Q Search this course ? Homework: Production and Costs (Ch 21) X 8. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Charles is a professional basketball player, and his game log for free throws can be summarized in the following table. A-Z T Fill in the columns with Charles's free-throw percentage for each game and his overall free-throw average after each game. EI Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 1 8/10 8/10 80 80 2 6/10 14/20 3 1/5 15/25 bongo 4 3/5 18/30 8/10 26/40 On the following graph, use the orange points (square symbol) to plot Charles'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. (? A+ Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. O 100 90 8. F Q Search 6:15 PM Sunny 3/24/2024Homework: Production and Cost: X MindTap - Cengage Learning X Course Hero * + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&elSBN=978133... A CJ CENGAGE | MINDTAP Q Search this course ? Homework: Production and Costs (Ch 21) X luLe. FIUL your pullIts In the UluEI IN WHICH you would like them collected. Line segments will collect THE PUITIts automatically . A-Z E 100 o 90 80 Game Free-Throw Percentage EI 70 60 Average Free-Throw Percentage + FREE-THROW PERCENTAGE 40 bongo 20 10 ? GAME A+ You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles'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 cnet curve the average total sAct mulct he len when the marginal sect cume ie ahave the average total snet curve the average total 48.F Q Search 6:15 PM Sunny 3/24/2024Homework: Production and Cost: X MindTap - Cengage Learning X Course Hero * + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&elSBN=978133... A CJ CENGAGE | MINDTAP Q Search this course ? Homework: Production and Costs (Ch 21) X 90 Game Free-Throw Percentage BO 70 A Average Free-Throw Percentage A-Z 60 FREE-THROW PERCENTAGE 50 o T 40 30 EI 20 + 10 1 2 bongo GAME You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles's marginal free-throw percentage is below the average, the average must be ? A+ You can now apply this analysis to production costs. For a U-shaped average total cost curv falling 9 the marginal cost curve is below the average total cost curve, the average total cost must be . Also, when the marginal cost curve rising the average total cost curve, the average total cost must be . Therefore, the marginal cost curve intersects the average total cost curve O Grade It Now Save & Continue Continue without saving 48.F Q Search 6:15 PM Sunny 3/24/2024Homework: Production and Cost: X MindTap - Cengage Learning X Course Hero * + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&elSBN=978133... A CJ CENGAGE | MINDTAP Q Search this course ? Homework: Production and Costs (Ch 21) X 90 BO Game Free-Throw Percentage 70 A 60 Average Free-Throw Percentage A-Z FREE-THROW PERCENTAGE 50 o T 40 30 EI 20 + 10 1 2 bongo GAME You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles's marginal free-throw percen falling elow the average, the average must be ? rising A+ You can now apply this analysis to producti 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 V . 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 O Grade It Now Save & Continue Continue without saving 48.F 6:16 PM Sunny Q Search 3/24/2024Homework: Production and Cost: X MindTap - Cengage Learning X Course Hero * + Minimize X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&elSBN=978133... A CENGAGE | MINDTAP Q Search this course ? Homework: Production and Costs (Ch 21) X 90 Game Free-Throw Percentage BO A 70 Average Free-Throw Percentage A-Z 60 FREE-THROW PERCENTAGE 50 o T 40 30 EI 20 + 10 1 2 bongo GAME You can think of the result in any one game as being Charles's marginal free-throw percentage. Based on your previous answer, you can deduce that when Charles's marginal free-throw percentage is below the average, the average must be falling ? A+ You can now analysis to production costs. For a U-shaped average total cost curve, when the marginal cost curve is below the average total rising cost curve, th e 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 O Grade It Now Save & Continue Continue without saving 48.F 6:16 PM Q Search Sunny 3/24/2024Homework: Production and Cost: X MindTap - Cengage Learning X Course Hero * + Minimize X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&elSBN=978133... A CENGAGE | MINDTAP Q Search this course ? Homework: Production and Costs (Ch 21) X 90 BO Game Free-Throw Percentage 70 A 60 Average Free-Throw Percentage A-Z FREE-THROW PERCENTAGE 50 o T 40 30 EI 20 + 10 1 2 bongo GAME You can think of the result in any one game as being Charles's marginal free-throw percentage. Based duce that at its maximum when Charles's marginal free-throw percentage is below the average, the average must be when the average total cost is at 0 ? A+ You can now apply this analysis to production costs. For a U-shaped average total cost curve, when the erage total at its minimum cost curve, the average total cost must be . Also, when the marginal cost curve is above age total cost must be . Therefore, the marginal cost curve intersects the average total cost curve O Grade It Now Save & Continue Continue without saving 48.F 6:16 PM Sunny Q Search 3/24/2024