Phil makes and sells rugs at his roadside stand. his monthly fixed cost for owning the stand is $1075. if he makes and sells 19 rugs, his total costs are $1227 and he brings in $627 in revenue. find phil's monthly cost, revenue, and profit functions (assuming they are linear). let x be the number of rugs made and sold each month

Monthly cost (Total cost):

Monthly revenue (Total revenue):

Monthly profit (Total profit):

Explanation:

Ok, firts we organice our information:

Fixed cost (FC) = 1075

Rugs produced (X) = 19

Total cost if the production is 19 rugs = 1227

Total Revenue if the production is 19 rugs = 627

We can find the Total cost function from the information provided:

We now replace in the Total cost function:

We con now find the total revenue:

Now we replace in the Total revenue function:

Having the TC and TR function we find the Profit function:

answer; (15,000)workers each

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.