Solve the Problem. -In Economics, Functions That Involve Revenue, Cost and Profit Are

question 134

Multiple Choice

Solve the problem.
-In economics, functions that involve revenue, cost and profit are used. Suppose R(x) and C(x) denote the total revenue and the total cost, respectively, of producing a new high-tech widget. The difference P(x) = R(x) - C(x)
Represents the total profit for producing x widgets. Given x widgets. Given and C(x) = 3x + 13, find the
Equation for P(x) .

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Definitions:

Annual Requirements

The total quantity or volume of resources, goods, or services needed by an organization or project over the course of a year.

Pull System

A method of production control where downstream activities signal their needs to upstream activities, promoting just-in-time production and minimizing inventories.

Production Management

The process of planning, organizing, leading, and controlling the production of goods and services, focusing on efficient and effective production methods.

Final Customer

The end-user or consumer who purchases a product or service for their own use, as opposed to purchasing for resale or manufacturing purposes.