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Profit Function: Equation & Formula

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

If x is the number of units sold, what is the cost of a product with a cost function of C(x) = 150 + 13x when 125 units are sold?

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1. The hot dog vendor in Example 1 of the lesson had a daily cost function of C(x) = 50 + 2x and a daily revenue function of R(x) = 3x. What is the vendor's profit when he sells 175 hot dogs in one day?

2.

For the given cost and revenue functions, find the breakeven point.

C(x) = 700 + 20x

R(x) = 40x

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About This Quiz & Worksheet

Profit functions primarily reconcile the revenue a company receives for selling a product or service less the cost for creating that product or service. This quiz/worksheet combination will help you to test your knowledge of these functions. The questions on the quiz will test you on your ability to perform these calculations using profit functions.

Quiz & Worksheet Goals

In these assessments, you'll be tested on:

  • Evaluating cost functions
  • Calculating profit given cost and revenue functions
  • Identifying the breakeven point given cost and revenue functions
  • Determining profit volume

Skills Practiced

This quiz and worksheet will allow you to test your skills in the following areas:

  • Reading comprehension - ensure that you draw and retain the most important information on calculating profit functions from the related lesson
  • Making connections - use your understanding of functions and performing calculations based on mathematical functions
  • Problem solving - use your acquired knowledge to solve practice problems involving profit functions, cost functions, and revenue functions individually
  • Knowledge application - use your knowledge to answer questions about breakeven points and profit volumes

Additional Learning

To learn more about this topic, review the accompanying lesson on calculating profit functions. This lesson covers the following objectives:

  • Define a function
  • Differentiate between input (domain) and output (range)
  • Describe function notation
  • Define a profit function
  • Define and differentiate between cost and revenue functions
  • Demonstrate your ability to perform profit calculations using these functions
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