Final answer:
The cost function represents the total cost of producing and selling a product. The demand function represents the relationship between price and quantity demanded.
Step-by-step explanation:
The revenue function calculates the total revenue generated from selling a certain quantity of a product.
The cost function is given by C(x) = 4x + 510, where x represents the quantity of a product. This function represents the total cost that the firm incurs for producing and selling x units of the product. The constant term, 510, represents the fixed cost, while the term 4x represents the variable cost.
The demand function is given by D(x) = 45 - 0.35x, where x represents the quantity of the product. This function represents the relationship between the price and the quantity demanded of the product. As the price increases, the quantity demanded decreases.
The revenue function is given by R(x) = x * D(x), where D(x) is the demand function. This function represents the total revenue generated by selling x units of the product. It is obtained by multiplying the price, which is x, by the quantity demanded, which is D(x).