Production costs for manufacturing running shoes consist of a fixed overhead (including rent, insurance, machine expenses, and other costs) of $550,000 plus variable costs of $15 per pair of shoes. The company plans to sell the shoes to Foot Locker for about $55 per pair of shoes. (a) Give the profit function for the shoe manufacturer. Clearly define the variables in your profit function. (b) If Foot Locker buys 4,000 pairs of shoes initially, describe their overall costs, revenue, and profit.

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