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11 January, 00:27

You are setting up a part-time business with an initial investment of $21,000. The unit cost of the product is $11.20, and the selling price is $18.70. (a) Find equations for the total cost C (in dollars) and total revenue R (in dollars) for x units.

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  1. 11 January, 00:55
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    Equations for the total cost C

    Total cost is the sum of total fixed cost and total variable cost incurred on the production of units sold. If c represents total cost and x represents units sold, then

    C = $11.20x + $21,000

    (where $11.20 is variable cost per unit)

    Equations for the total revenue R

    Total revenue is the product of number of units sold and sale price per unit. If R represents total revenue and x represents units sold, then

    R = $18.70x
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