Question

Suppose a computer manufacturer has the total cost function

Answer 1

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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