Item price $8.00
Fixed cost $200
Variable costs 3x
if x items are sold, write an expression for:
Revenue, Cost, Profit
To write an expression for revenue, cost, and profit, we need to understand the given information:
Item price: $8.00
Fixed cost: $200
Variable costs: 3x
1. Revenue: Revenue is the total amount of money generated from selling a certain number of items. It is calculated by multiplying the number of items sold by the selling price per item. In this case, the selling price per item is $8.00, and the number of items sold is x. Therefore, the expression for revenue is:
Revenue = 8x
2. Cost: Cost is the total amount of money spent to produce a certain number of items. It includes both fixed costs and variable costs. The fixed cost is given as $200, and the variable costs are 3x (since it is 3 times the number of items sold, x). Therefore, the expression for cost is:
Cost = Fixed cost + Variable costs
= 200 + 3x
3. Profit: Profit is the difference between revenue and cost. It indicates how much money is left after covering all expenses. To calculate profit, subtract the cost from the revenue. Therefore, the expression for profit is:
Profit = Revenue - Cost
= 8x - (200 + 3x)
= 8x - 3x - 200
= 5x - 200
Thus, the expressions for revenue, cost, and profit are:
Revenue = 8x
Cost = 200 + 3x
Profit = 5x - 200