(a) Suppose that a company has fixed costs of $400 and variable cost per unit of x+60 dollars, where x is the total number of units produced. Suppose further that the selling price of its product is 120x dollars per unit. (i) Give expressions for the cost function C(x) and revenue function R(x). (ii) Give an expression for the profit function P

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(a) Suppose that a company has fixed costs of $400 and variable cost per unit of x+60 dollars, where x is the total number of units produced. Suppose further that the selling price of its product is 120x dollars per unit. (i) Give expressions for the cost function C(x) and revenue function R(x). (ii) Give an expression for the profit function P(x). (iii) Use the quadratic formula to find the break-even points. (iv) What selling price will maximise the profit?

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