00:01
So here we want to talk about marginal revenue.
00:02
And this has the definition of the change in revenue, right, from selling plus one quantity.
00:13
And so to do this, we're going to look at this table a little bit more closely.
00:18
We have a quantity, price.
00:22
We have total revenue, which is price times quantity, and we have marginal revenue, which is the change in total revenue.
00:28
So here our quantity goes zero, one, two, three, four.
00:32
I'm not going to do the rest.
00:33
There's no point.
00:35
The price is 120, 120, 120, 120, 120, 120.
00:40
So if we sell, i'm now going to multiply these, right? so if the quantity is zero, the revenue is zero, 120, 240, 360, 480...