00:01
Okay, so here we need to figure out a couple of things from this problem.
00:06
So first, we have price and quantity in our table.
00:14
I'll put that a little further apart.
00:16
Quantity, and then we're going to have fixed costs, variable costs, and total cost.
00:24
Okay, so if we start with one, okay, each one is going to be $72, so that's just going to continue all the way down.
00:34
We know that is given.
00:39
One, two, three.
00:44
Okay.
00:45
So then what we're going to find, we'll just write these down.
00:51
100.
00:53
That's going to stay the same.
00:54
The variable cost for 1.
00:57
It goes 64, 84, 114, 114, 184, 114, 184, 184.
01:07
And 270.
01:10
Okay.
01:13
And then total cost is going to be this added to this.
01:18
So 164, that plus 84.
01:23
Let me get in the calculator.
01:30
Sorry, you shouldn't add that to 164.
01:32
It should be, because 100 is fixed.
01:35
Just add 100 to each of these numbers.
01:40
214, 284, and 370.
01:42
Okay.
01:43
So now that we have the costs for each one, one, let's find out the total revenue.
01:48
We find total revenue by multiplying price times quantity.
01:54
So we have 72, 144, and then 216, and then 288, and then 360.
02:17
Okay, hopefully that makes sense.
02:18
Total revenue is just price times quantity.
02:22
So now we can figure out the marginal revenue.
02:25
So that's like the growth per, right? marginal is like per.
02:30
You can also figure out the marginal costs.
02:33
Let me write that here.
02:35
Because we have the total costs here, the change in the cost is going to be the marginal cost, whereas the change in the revenue per quantity is going to be the marginal revenue.
02:46
So this one, marginal revenue is this going to be...