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Question 1174381: Cost, Revenue & Profit
For these problems, x will represent the number of items and y will represent the money.
The fixed costs for a certain item are $165 per week. The cost to produce each item is $3 per item.
Using this information, what is the cost equation? Give your answer in slope-intercept form:
The retailer intends to sell each item for $10/item.
Using this information, what is the revenue equation? Give your answer in slope-intercept form:
If in this week 28 items are made, and all items are sold in the week, what are the total costs to the retailer?
Cost = $
What is the revenue from selling 28 items?
Revenue = $
Finally, what is the profit for this retailer?
Profit = $
Box 1 & 2: Enter your answer as an expression. Example: 3x^2+1, x/5, (a+b)/c
Be sure your variables match those in the question.
Answer by CPhill(1959)   (Show Source):
You can put this solution on YOUR website! Here's how to solve the problems:
**1. Cost Equation**
* Fixed costs: $165
* Variable cost per item: $3
* Cost equation: y = 3x + 165
**2. Revenue Equation**
* Selling price per item: $10
* Revenue equation: y = 10x
**3. Total Costs for 28 Items**
* Total costs = 165 + (3 * 28) = 165 + 84 = $249
**4. Revenue from Selling 28 Items**
* Revenue = 10 * 28 = $280
**5. Profit**
* Profit = Revenue - Total Costs = 280 - 249 = $31
**Answers:**
* Cost equation: 3x + 165
* Revenue equation: 10x
* Cost = $249
* Revenue = $280
* Profit = $31
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