An entrepreneur invests in a new play. The cost includes an overhead of $37,975 plus production costs of $3000 per performance. A sold-out performance brings in $3775. Assume every performance is sold out, and let x represent the number of sold-out performances. a. Write the cost function, C. C(x) = 3000X + 37975 (Type an expression using x as the variable.) b. Write the revenue function, R. R(x) = (Type an expression using x as the variable.)

An entrepreneur invests in a new play. The cost includes an overhead of $37,975 plus production costs of $3000 per performance. A sold-out performance brings in $3775. Assume every performance is sold out, and let x represent the number of sold-out performances. a. Write the cost function, C. C(x) = 3000X + 37975 (Type an expression using x as the variable.) b. Write the revenue function, R. R(x) = (Type an expression using x as the variable.)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter9: Applications Of Cost Theory

Section: Chapter Questions

Problem 1.5CE

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