Question

a. determine what variable quantity or quantities represent input and what variable quantity represents the output; b. choose appropriate letters to represent each variable quantity and write what each letter represents; c. use the letters to translate each verbal rule into a symbolic formula; d. use the formula to determine the result. Profit is equal to the total revenue from selling an item minus the cost of producing the item. Determine the profit if the total revenue is 400,000 dollar and the cost is 156,800 dollar

Short answer

Answer: The profit in this case is 243,200 dollars.

Step-by-step solution

Identifying input and output variables

In this problem, the input variables are the total revenue and the cost of producing the item, and the output variable is the profit.

Assigning letters to variables

Let's use the following letters to represent each variable: P = Profit R = Total revenue C = Cost of producing the item

Setting up the equation

According to the problem, Profit is equal to the total revenue minus the cost of producing the item. So, we can write the relationship between the variables as: P = R - C

Determining the result

Now, we'll plug in the given values of total revenue and the cost into the equation: P = 400,000 (R) - 156,800 (C) Calculating the profit: P = 400,000 - 156,800 = 243,200 dollars So, the profit in this case is 243,200 dollars.