Consider a perfectly competitive market described by the supply function p = 20 + 0.1q and demand function p = 80 - 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 = 80 - 0.3q, ar = 80 - 0.6q, and mr = 80 - 0.3q tr = 80q - 0.3q2 , ar = 80 - 0.3q, and mr = 80 - 0.6q

Given the a perfectly competitive market described by the supply function P = 20 + 0.1Q and demand function P = 80 - 0.3Q.

If the market is in equilibrium, then the supply function is equal to the demand function.
i.e. 20 + 0.1Q = 80 - 0.3Q
0.1Q + 0.3Q = 80 - 20
0.4Q = 60
Q = 60 / 0.4 = 150
and
P = 20 + 0.1(150) = 20 + 15 = 35.

Therefore, given that Q products were produces and sold at $35.
Therefore, the total revenue is given by 35Q.

Average revenue is given by the total revenue divided by quantity = 35Q / Q = 35.

Therefore, TR = 35Q, AR = 35, and MR = 35

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