he fixed costs for a certain item are $205 per week. The fixed cost is the y-intercept. The cost to produce each item is $4 per item. Using this information, what is the cost equation? Give your answer in slope-intercept form: y= The retailer intends to sell each item for $15/item. Using this information, what is the revenue equation? Revenue is the amount of money the retailer gets. Give your answer in slope-intercept form: y= f 21 items are made, what is the total cost to the retailer? What is the revenue from selling 21 items? Finally, what profit did the retailer make when they sell 21 items? Note: Profit = Revenue - Cost.

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter7: Economies Of Scale And Scope
Section: Chapter Questions
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he fixed costs for a certain item are $205 per week. The fixed cost is the y-intercept. The cost to produce each item is $4 per item.

Using this information, what is the cost equation? Give your answer in slope-intercept form:
y=

The retailer intends to sell each item for $15/item.

Using this information, what is the revenue equation? Revenue is the amount of money the retailer gets. Give your answer in slope-intercept form:
y=

f 21 items are made, what is the total cost to the retailer?

What is the revenue from selling 21 items?

Finally, what profit did the retailer make when they sell 21 items? Note: Profit = Revenue - Cost.

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