Question

Suppose a computer manufacturer has the total cost function C(x) = 74x + 3600 (in dollars) and the total revenue function R(x) = 374x (in dollars). (a) What is the equation of the profit function P(x) (in dollars) for this commodity

Answer 1

The equation of the profit function is 300x - 3600

Total cost function C(x) = 74x + 3600

Total revenue function R(x) = 374x

The profit function is the difference between the total revenue and the total cost and this will be:

= R(x) - C(x)

= 374x - (74x + 3600)

= 374x - 74x - 3600

= 300x - 3600

In conclusion, the equation of the profit function is 300x - 3600

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