Phil makes and sells rugs at his roadside stand. His monthly fixed cost for owning the stand is $1500. If he makes and sells 12 rugs, his total costs are $1548 and he brings in $408 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.
Phil makes and sells rugs at his roadside stand. His monthly fixed cost for owning the stand is $1500. If he makes and sells 12 rugs, his total costs are $1548 and he brings in $408 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.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Phil makes and sells rugs at his roadside stand. His monthly fixed cost for owning the stand is $1500. If he makes and sells 12 rugs, his total costs are $1548 and he brings in $408 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.
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