The Revenue and Total Cost eqations for a glove company are R(x)=35x and C(x)=0.25x^2 + 30.5x + 10, where x is in hundreds of gloves and R(x) and C(x) are in thousands of dollars.
What is the Revenue and production Cost for 700 gloves, the profit for this problem, the number of gloves that will produce the maximum profit, the maximum profit that can be obtained, and the break-even point?
Revenue eqation is
Cost eqation is
C(x)=0.25x^2 + 30.5x + 10
When x=7 (hundreds),
C(x)=0.25x^2 + 30.5x + 10=0.25*7^2+30.5*7+10
Profit for this ...
Maximum profit and a break-even point are calculated based on Cost and Revenue equations.