I am SO STUCK! I do not have a book or any examples as to how to solve this and I am so confused. I have tried Youtube videos but nothing is similar. Does anyone have an example of how to solve this? Mabe a formula to follow? Not looking for answers Im looking for help!!
Cost Function: C(x) = 15x + 20,000Where x is measured in units produced, and C(x) is measured in dollars.Find the total cost if the firm producesa) 0 units (Does this answer make sense?)
(b) 1,000 units
(c) 5,000 units
(d) 10,000 units(e) What does this function tell us about the production process? (hint: What does the algebraic structure of this function and our “mental algorithm” tell us about the variable cost and the fixed cost?)
(f) How many units can be produced for a total cost of $182,000?-------------------------------------------------------
Profit Function: P(x) = 8x − 30,000Where x is measured in units produced and sold, and P(x) is measured in dollars.What is the profit if the firm produces and sells:
(a) 0 units (Does this answer make sense?)
(b) 3,000 units
(c) 4,000 units
(d) 10,000 units
(e) Find the break–even point for this production process. (hint: Solve P(x) = 0)(f) How many units must be produced and sold to achieve a profit of $70,000?
Cost Function: C(x) = 15x + 20,000Where x is measured in units produced, and C(x) is measured in dollars.Find the total cost if the firm producesa) 0 units (Does this answer make sense?)
(b) 1,000 units
(c) 5,000 units
(d) 10,000 units(e) What does this function tell us about the production process? (hint: What does the algebraic structure of this function and our “mental algorithm” tell us about the variable cost and the fixed cost?)
(f) How many units can be produced for a total cost of $182,000?-------------------------------------------------------
Profit Function: P(x) = 8x − 30,000Where x is measured in units produced and sold, and P(x) is measured in dollars.What is the profit if the firm produces and sells:
(a) 0 units (Does this answer make sense?)
(b) 3,000 units
(c) 4,000 units
(d) 10,000 units
(e) Find the break–even point for this production process. (hint: Solve P(x) = 0)(f) How many units must be produced and sold to achieve a profit of $70,000?