Your company sells lawn chairs for 7 dollars which that if y

Your company sells lawn chairs for $7 dollars which that if you sell x lawn chairs, your revenue will be R(x) = 7x. If your company\'s variable cost is $3 per lawn chair and fixed costs re $250 per week, the cost function is C(x) = 3x + 250. (You can find the profit by subtracting the cost from the revenue) Write a function for the profit P(x) that your company will make if you make and sell x chairs in one week. How much profit will you make if you make and sell 500 lawn chairs in one week? Include units. (Calculator). The revenue and profit for the California lottery can be modeled by the following functions: R(t) = 59.6t^2 - 299.4t + 3022.8 and P(t) = 23t^2 - 12 lt + 1157.2, where R(t) represents the revenue in millions of dollars and P(t) represents the profit in millions of dollars from the California lottery t years since 2000. (Source: Models derived from data in Survey of Government Finances 2000-2006). Calculate the revenue and profit for the California lottery in 2010. Include units. Find a new function for the cost associated with the California lottery. Using the new cost function, determine the cost for the California lottery in 2015. Include units.

Solution

C(x) = 3x +250

R(x) = 7x

Profit = Revenue - Cost = R(x) - C(x) = 7x - (3x + 250) = 4x - 250

if x = 500 chairs

P(x) = 4*500 - 250 = $1750 is the profit