Final answer:
Updating the average price column in a products table involves calculating the average cost from all prices using an SQL query. This calculation is similar to finding average cost in economics, where total cost is divided by quantity.
Step-by-step explanation:
To update the average price column to the average of all prices in the products table, you would typically use an SQL query if you're working with a relational database. The process involves calculating the average cost by taking the sum of all prices and then dividing by the count of the products. This is similar to calculating marginal cost or average cost in economics, where you divide the change in total cost by change in quantity or total cost by quantity, respectively.
To perform the update, you might use an SQL statement like:
UPDATE products SET average_price = (SELECT AVG(price) FROM products);
This query sets the average_price for each product to the result of the subquery, which calculates the average price (AVG(price)) from the products table.