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The formulas below are the cost and revenue functions for a company that manufactures and sells small radios. C(x) = 160,000+ 30x and R(x) = 40x a. Use the formulas shown to write the company's profit function, P, from producing and selling x radios. b. Find the company's profit if 18,000 radios are produced and sold. a. The company's profit function is P(x) = . (Simplify your answer.) ...

The formulas below are the cost and revenue functions for a company that manufactures and sells small radios. C(x) = 160,000+ 30x and R(x) = 40x a. Use the formulas shown to write the company's profit function, P, from producing and selling x radios. b. Find the company's profit if 18,000 radios are produced and sold. a. The company's profit function is P(x) = . (Simplify your answer.) ...

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The formulas below are the cost and revenue functions for a company that manufactures and sells small radios. C(x) = 160,000+ 30x and R(x) = 40x a. Use the formulas shown to write the company's profit function, P, from producing and selling x radios. b. Find the company's profit if 18,000 radios are produced and sold. a. The company's profit function is P(x) = . (Simplify your answer.) ...
Transcribed Image Text:The formulas below are the cost and revenue functions for a company that manufactures and sells small radios. C(x) = 160,000+ 30x and R(x) = 40x a. Use the formulas shown to write the company's profit function, P, from producing and selling x radios. b. Find the company's profit if 18,000 radios are produced and sold. a. The company's profit function is P(x) = . (Simplify your answer.) ...
Expert Solution
Step 1

   Given that  the cost function is Cx = 160,000 + 30 x

            The revenue function is   Rx = 40 x

 (a) The company profit function is  Px = Rx - Cx

                         ⇒   Px = 40 x - 160,000 + 30 x

                         ⇒  Px = 10 x - 160,000 

 

(b)    If  x  =  18,000 then 

                  P18000 = 10 18,000 - 160,000 

          ⇒  P18000 = 180,000 - 160,000

          ⇒ P18000 = 20,000 

    

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