In an economics setting we often see P = R – Cwhere P is the profit a business makes, Ris therevenue brought in from sales, and C is the overallcost of operating the business. As a simplisticexample, if we have a cost of C = $3000 to makesome amount of product, and we sell that forR= $5000 in revenue, we have madeP = R – C = $5000 – $3000 = $2000 as aprofit.In some cases, the price you can sell a product for isdependent on how many you sell, because of therelationship between supply and demand - when youhave fewer of them available, you can sell them for ahigher price, for example. If we have a price functionp (x), the revenue function will be R (x) = x · p (x)because the money brought in will be the number ofunits sold times the price of each unit.The cost of production, measured per unit, maydecrease based on how many you produce, if you canpurchase materials in bulk, but this requires a greaterinitial investment. Often we can use informationabout how the cost and revenue vary depending onmany units are sold, to get informationhow to maximize profit.Suppose you're making hand-carved birdhouses to sellin an online store. The price function for how muchyou sell them for is p (x) = 60 – .05x and the costof building x birdhouses is C (x) = x (25 – .01x).• What is the revenue function R (x)?• What is the profit function P (x)?

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Suppose you're making hand-carved birdhouses to sell in an online store. The price function for how much you sell them for is p (x) = 60 - .05x and the cost of building a birdhouses is C (x) = x (25 – .01x). - • What is the revenue function R (x)? • What is the profit function P (x)?