(Solved): 3. The relationship between marginal and average costs The following scenario examines the relation ...

3. The relationship between marginal and average costs The following scenario examines the relationship between marginal and average values. Suppose Jelani is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Jelani's foul-shooting percentage for each game and their overall fouf-shooting aversge after each game- On the following groph, use the orange points (square symbol) to plot Jelanis fouk-shooting percentage for each game individually, and ase the green points (criangle symbol) to plot Jelani'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. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Game Foul-Shooting Percentage Average Fout-Shooting Percentage You can think of the result in any one game as being Jelani's marginal shooting percentage, Based on your previous answer, you can deduce that when Jelani's marginal shooting 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 total cost must be . Therefore, the marginal cost curve intersects the average total cost curve