A certain seed and fertilizer company compiled the following estimates for its operations. Capacity per period is sales of$160,000. Find (a) the revenue function(b) the cost functionif Sales $121,800 Total variable cost51,156 Total cost 92,356 Net income $26,400 (a) Write an algebraic expression for the revenue function. Assume a selling price of $1. Total Revenue=...........(Type an expression using x as the variable.)(b) Write an algebraic expression for the cost function. Total Cost=........(Type an expression using x as the variable.)

Given data: Sales $121,800 Total variable cost $51,156 Total cost 92,356…

Answered: A certain seed and fertilizer company…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A certain seed and fertilizer company compiled the following estimates for its operations. Capacity per period is sales of $160,000. Find (a) the revenue function (b) the cost function if
Sales		$121,800
Total variable cost	51,156
Total cost		92,356
Net income		$26,400

(a) Write an algebraic expression for the revenue function. Assume a selling price of $1.

Total Revenue=...........

(Type an expression using x as the variable.)

(b) Write an algebraic expression for the cost function.

Total Cost=........

(Type an expression using x as the variable.)

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