MAT 171 Lab #1 Unit 1 and 2 Holleman Name: Class and Section #: YOU MUST SHOW ALL ALEBRAIC WORK, PROVIDE CLEAR EXPLANATIONS AND USE COMPLETE SENTENCES WHERE APPROPRIATE AND ROUND ALL ANSWERS TO THE NEAREST 100" WHEN NECESSARY. In business, profit is the difference between revenue and cost; that is, P(x) = R(x) - C(x), where x is the number of units sold. (all monetary units in dollars) Given the following revenue and cost functions answer questions 1-9, R(x) = 30x - 0. 11x2, C(x) = 12x +30 1. Find and simplify the Profit Function P(x). 2 . Find P(145). Write a sentence to describe you answer within the context of the problem. 3. What is the Revenue when 145 units are sold? 4. What is the Cost when 145 units are produced? 5 . Subtract your answer from question 4 from question 3. Does this make sense in relation to the answer you got for problem 2? Explain the relationship. 6. How many units should be sold to maximize profit? 7. Find the maximum profit?MAT 171 Lab #1 Unit 1 and 2 Holleman Name: Class and Section #: YOU MUST SHOW ALL ALEBRAIC WORK, PROVIDE CLEAR EXPLANATIONS AND USE COMPLETE SENTENCES WHERE APPROPRIATE AND ROUND ALL ANSWERS TO THE NEAREST 100 WHEN NECESSARY. 8. To break even means that there is neither profit nor loss. The break-even point occurs when revenue equals cost. Determine how many units must be sold in order to break even. Round UP to the nearest whole unit. 9. State the interval over which profit is decreasing? 10. For the years of 1983 to 1990, the number of mountain bike owners m (in millions) in the US can be approximated by the model m = 0.337t2 - 2.265t + 3.962, 3