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:

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Social Studies

Papito

27 November, 10:11

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:

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Bridger Olson · Answer 1

If we consider a perfectly competitive market described by the supply function P = 20 + 0.1Q and demand function P = 80 - 0.3Q. the answer would be P = $65 and Q = 150