Assume that the following has a linear cost function for producing x items. Find the cost function, revenue function, and profit function. Fixed Cost Marginal Cost Item Sells For $500 $14 $25 What is the cost function? C(x) = (Do not include the $ symbol in your answer.) What is the revenue function? R(x) = (Do not include the $ symbol in your answer.) What is the profit function? P(x)= (Simplify your answer. Do not include the $ symbol in your answer.)

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Q: Assume that the situation can be expressed as a linear cost function. Find the cost function. Fixed…

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Q: Assume that the situation can be expressed as a linear cost function. Find the cost function in this…

A: cost function C(x)= (marginal cost(m))*x + fixed cost(b) C(x)=mx+b

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