The equation of the profit function P(x) (in dollars) for this commodity is given by P(x) = 300x - 3600
It is given in the problem that,
The total cost function C(x) = 76x + 3600 (in dollars)
Also,
The total revenue function R(x) = 376x (in dollars)
We need to find the equation of the profit function P(x) (in dollars) for this commodity
First we need to understand the following terms
Cost is the price of a commodity which is paid or charged in exchange of something. Example - 1 kg of apple are of 3 Dollars
Revenue, which is determined by multiplying the average sales price by the quantity of units sold, is the money made from regular business operations.
So,
The equation of the profit is given by = Total Revenue - Total Cost
P(x) = R(x) - C(x)
Putting values, we get
P(x) = 376x - (76x + 3600)
P(x) = 376x - 76x - 3600
P(x) = 300x - 3600
Hence, the equation of the profit function P(x) (in dollars) for this commodity is given by P(x) = 300x - 3600
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