Suppose a business manufactures computer monitors and sells them to retailers for $98 each. The business has fixed costs of $262,500 related to the production of the computer monitors and the cost per unit for the production is $23.
1. What is the revenue equation for the business expressed?
revenue = quantity * price
r(x) = 98x
profit = revenue - cost
p(x) = 98x - (262,500 + 23x)