Concept explainers
For Exercises 55-56, the fixed and variable costs to produce an item are given along with the price at which an item is sold. (Sec Example 6)
a. Write a linear cost function that represents the cost
b. Write a linear revenue function that represents the revenue
c. Write a linear profit function that represents the profit
d. Determine the break-even point.
Fixed cost: $5625
Variable cost per item: $0.40
Price at which the item is sold: $1.30
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