Question

A company sells a chair for $450. It costs them $350 to make each chair, plus fixed costs for operation of $20,000

Write the cost and revenue functions.
Cost= ?
Revenue = ?
(Type expressions using x as the variable.)

Answer 1

The cost and revenue function of the company are as follows;

• cost function = 350x + 20000

• revenue function = 100x - 20000

How to find the cost and revenue function?

It costs them $350 to make each chair, plus fixed costs for operation of $20,000. Therefore,

let

x = number of chair

cost function = 350x + 20000

The company sells a chair for $450. Therefore,

revenue function = 450x  - (350x + 20000)

revenue function = 450x - 350x - 20000

revenue function = 100x - 20000

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