Question

The unit cost, in dollars, to produce bins of cat food is $18 and the fixed cost is $30000. The price-demandfunction, in dollars per bin, is p(x) = 568 - 2xFind the cost function.C(x)Find the revenue function.R(x) =Find the profit function.P(x) = At what quantity is the smallest break-even point?

Answer 1

The price function is given below as

`P(x)=568-2x`

Let demand be

`=x`

Step 1:

To calculate the revenue function, we will use the relation below

`\text{revenue}=demand* price\text{ per uni}`

By substituting the functions, we will have