For a certain company: the cost function for producing :1: items is E" {I} = 50' a: + 25D and the revenue function for selling I items is Rh] = .[$ llil'}2 + 511304]. The maximum capacity of the company is 141] items. The prot function P [I] is the revenue function R {at} {how much it takes in} minus the cost function C {at} {how much it spends}. In economic models= one typically assumes that a company wants to maximize its profit= or at least make a profit! Answers to some of the questions are given below so that you can check your work. 1. Assumin g that the company sells all that it produces. what is the profit function? Pix) = Ia. Hint: Profit = Revenue - IC'ost as we examined in Discussion 3. 2. 1Lli-That is the domain of P [:3]? Hint: Does calculating P {I} make sense when :r: = 1[} or .1- = 1, DUI]? 3. The company can choose to produce either at] or ED items. 1Jr-"l'iat is their profit for each case, and which level of production should they choose\".} Profit when producing 5D items = Prot when producing ED items = 'l. 'Can you explain= from our model. why the company makes less profit when producing It} more units