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[DOC File]In economics, functions that involve revenue, cost, and ...
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The revenue function is . The cost function in terms of x and y is where x is the number of aerobics shoes sold and y is the number of running shoes sold. To get the cost function in terms of p and q we need to use the demand equations as shown below. Now that we have a cost and revenue function we can find the profit function as follows
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[DOC File]Cost, Revenue, and Profit Functions
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In economics, functions that involve revenue, cost, and profit are used. Suppose R(x) and C(x), denote the total revenue and the total cost, respectively, of producing a new high-tech widget. The difference P(x) = R(x) - C(x) represents the total profit for producing x widgets. Given and C(x) = 3x + 13, find P(100). (1) 313 (2) 2000 (3) 55687 ...
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[DOCX File]GRAPHING A LINEAR EQUATION
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The slope of the cost function is (50 + T), so MC = 50 + T. We set this MC to the marginal revenue function from part (a): 100 - 0.02Q = 50 + 10, or. Q = 2,000. Thus, it does not matter who sends the tax payment to the government. The burden of the tax is reflected in the price of the good.
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[DOC File]Chapter 10 Multi-Variable Functions
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The total cost function is the sum of these costs. where x represents the number of items produced, m represents the cost to produce each item, and b represents the fixed costs. (Figure 1.3 . Graph of a Generic Cost Function. A . linear revenue function. is found by multiplying the selling price of each item sold, p, by the total number of ...
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[DOCX File]Math One - Home
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A firms demand function for a good is given by P = 107-2Q and their total cost function is given by TC = 200+3Q . Obtain an expression for total revenue profit in terms of Q. Total Revenue = P.Q. TR = (107-2Q)*Q = 107Q-2Q2 . Profit = TR-TC. Profit = 107Q-2Q2-200-3Q = -2Q2+104Q-200. For what values of Q does the firm break even. Firm breaks even ...
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[DOC File]New Chapter 3
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9)A break-even point is the intersection of the cost function and the revenue function, that is, where total cost equals revenue, and profit is zero. Mrs. Jones Cookies Store's cost and revenue, in dollars, for x number of cookies is given by C = .05x + 3000 and R = .80x. Find the number of cookies that must be sold to break even.
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How to Find the Break-Even Point Using a Linear ... - dummies
linear cost function. The quantity mx is called the . variable cost . and the intercept b is called the . fixed cost. The slope m, the . marginal cost, measures the incremental cost per item. The . revenue . resulting from one or more business transactions is the total payment received, sometimes called the gross proceeds. If R(x) is the ...
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[DOC File]PART III
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The function C(x) = 200 + 3.3x models the cost for a company to produce x units of a product. The function R(x) = 25x models the revenue the company earns if they sell x units of the product. Which function, P(x), models the profit the company earns if they sell x units of the product? (Profit = Revenue – Cost)
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Cost and revenue function