Want every single part The total revenue function for a product is given byR=655xdollars, and the total cost function for this same product isgiven byC=19,250+70x+x2,where C is measured in dollars. For both functions, theinput x is the number of units produced and sold.a. Form the profit function for this product from the twogiven functions.b. What is the profit when25units are produced and sold?c. What is the profit when43units are produced and sold?d. How many units must be sold to break even on thisproduct?a. Write the profit function.P(x)=

Total revenue is the amount which is earned by seller after selling the goods and services , so by…

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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 5E

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Question

Want every single part

The total revenue function for a product is given by
R=655x
dollars, and the total cost function for this same product is
given by
C=19,250+70x+x2,
where C is measured in dollars. For both functions, the
input x is the number of units produced and sold.
a. Form the profit function for this product from the two
given functions.
b. What is the profit when
25
units are produced and sold?
c. What is the profit when
43
units are produced and sold?
d. How many units must be sold to break even on this
product?
a. Write the profit function.
P(x)=

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