Number of tiles (x)
The demand equation has the form of a linear equation: p = mx + b; where x is the number of tiles, m is the empirical price per tile, and b is the initial sold price.
A company’s revenue is the amount of money that comes in from sales, before business costs are subtracted. For a single product, you can find the revenue by multiplying the quantity of the product sold, x, by the demand equation, p. In other words, the formula R = xp is the revenue equation.
The costs of doing business for a company can be found by adding fixed costs, such as rent, insurance, and wages, and variable costs, which are the costs to purchase the product you are selling. The cost equation has the form of a linear equation: C = mx + b; where x is the number of tiles, m is the cost per tile, and b is the fixed costs for making the tiles. The portion of the company’s fixed costs allotted to this product is $490, and the supplier’s cost per tile is $6 each.
The profit made from the sale of tiles is found by subtracting the costs from the revenue. In other words, the profit equation is P = R - C.
Your task is to input the correct formulas (polynomials) in the spreadsheet attached to this note to analyze the profit found for the sales of decorative tiles.
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