00:01
So here we're talking about the effect of market structure, right? and we first had to construct a column for revenue, which is equal to price times quantity, right? so as has been done in the image, you just needed to multiply those numbers together.
00:14
Unfortunately, sorry, and it looks like they're all done pretty correctly.
00:18
So we have six revenue of 60.
00:20
And then we have revenue of 70, revenue of 75, revenue of 75, revenue of 70, 60.
00:30
45 and 25.
00:32
Now the marginal revenue is equal to the change in revenue divided by the change in quantity, right? so here we have, for example, if we look at the first one that we're given options to, you can never do marginal for the first one because you need the one before it.
00:54
So here the change in revenue is plus 10, right? so the change in revenue is plus 10.
01:05
The change in quantity between each of these steps is also plus 10.
01:09
So the marginal revenue is 10 over 10 is equal to 1...