Abusiness owner used a revenue function and a cost function to analyze his monthly sales. one month he found that with a sales volume of 600 items he had revenues of $54,000. another month he had total costs of $20,800 on a sales volume of 400 items. he also finds that the break-even point is 20 items.

(a) find the revenue function. (i solved this part of the question).
(b) find the cost function. (i need with this question).

Revenue Function = 90x

cost function = 50x + 800

Explanation:

given data

sales volume = 600 items

revenues = $54,000

total costs = $20,800

sales volume = 400 items

break-even point = 20 items

solution

first we get here Price per unit for Revenue Function  that is express as

Price per unit  =

Price per unit  =

Price per unit =  $90

so here Revenue Function  will be

Revenue Function = 90x   .......................1

here x is sale volume

and

cost function will be

cost function = ax +b     .........................2

here

a is Variable cost per unit  and b is fixed cost  and x is sale function

so when cost at 400 units  will be

$20800 = 400a + b     .......................3

and

Cost at break even point   will be

$90 ×  20 = 20a + b      ..........................4

as here  total cost = total revenue

so from equation 3 and 4 we get a and b

380a = $19000

a = $50

and

b = $20800 - 400 × 50

b =  $800

so here Cost Function will be from equation 2

cost function = 50x + 800

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

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