Consider a perfectly competitive market described by the supply function P = 10 + 0.2Q and demand function P = 60 - 0.3Q. If the market is in equilibrium, then an individual firms total revenue (TR), average revenue (AR) and marginal revenue (MR) functions are:
TR = 26Q, AR = 26, and MR = 26
TR = 30Q, AR = 30, and MR = 30
TR = 35Q, AR = 35, and MR = 35
TR = 60 - 0.3Q, AR = 60 - 0.6Q, and MR = 60 - 0.3Q
TR = 60Q - 0.3Q2, AR = 60 - 0.3Q, and MR = 60 - 0.6Q
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