Hello! So I am working on a homework assignment and was doing great until I stumbled upon a part of the question that I have no resources available to help me figure it out! I am hoping someone can guide me here..
So the Question starts like this
Units Produces Total Cost
500 127,000
1000 154000
1500 196000
2000 221000
selling price is 85
and expected to sell 300 a month
I had to graph the data, use regression to fit the linear model,find the fixed and variable costs and find the equation for c(x)
I did all of these things
I have 93500 for the fixed cost and 64.80 for variable
c(x)=64.80x+93.500
NOW I need to find the equations for R(x), and P(x), find the break even point and a question that says "you have just sold your 2000th unit. How much longer until you break even) I am very stuck on how to come up with these answers! Any help would be greatly appreciated!
So the Question starts like this
Units Produces Total Cost
500 127,000
1000 154000
1500 196000
2000 221000
selling price is 85
and expected to sell 300 a month
I had to graph the data, use regression to fit the linear model,find the fixed and variable costs and find the equation for c(x)
I did all of these things
I have 93500 for the fixed cost and 64.80 for variable
c(x)=64.80x+93.500
NOW I need to find the equations for R(x), and P(x), find the break even point and a question that says "you have just sold your 2000th unit. How much longer until you break even) I am very stuck on how to come up with these answers! Any help would be greatly appreciated!