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