Solution-Difference between revenue and cost

Difference between revenue and cost

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Reference no: EM131382031

The cost to produce widgets described by the function:

C(x) = 5000 - 18.5x.

The revenue from the sale of these widgets is given by the function:

R(x) = 27x.

Both Revenue and Cost are in dollars ($). Plot these two lines on a graph then answer the following questions.

1. What is the significance of the point of intersection between the two lines?

2. If profit is the difference between revenue and cost, can you determine a profit function P(x) from these two lines? Show work for credit.

3. Give an interpretation the $5000 found in the cost function. What do you think it could represent?

Reference no: EM131382031

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Difference between revenue and cost

Reference no: EM131382031

Reference no: EM131382031

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