Please answer questions #1-3

1. [6pts) From your Business background thus far, and using complete, collegiate sentences, clearly explain the contextual meaning of business expressions: a. Cost b. Revenue c. Profit PIX) 400000 30000 30000 250000 2. [6 pts] Given the graph of the function for the profit of a company (shown at right) clearly state the estimated domain and range of the function, and explain, in context, using practical terms and proper units, what the values mean. The profit graph is shown, where x represents number of items sold in 2019 (in hundreds of items), and P(x) represents the 2019 profit of the Raleigh Furniture Company in dollars. 200000 150000 100000 SO 10 150 400 000 -0000 150000 200000 3. [8 pts] Suppose the Johnson Mask Company charges $13.99 for each mask they sell. Also suppose that the Johnson Company has fixed costs of $38,442 and variable costs (spends) $5.23 for each mask they produce. Find appropriate formulas (equations) for total revenue R(x), and total costs C(x), and total profit P(x), where x is the number of masks produced and sold. Assume that they sell every mask that they produce. Simplify all formulas. In a text box in Excel, explain your work. Equations should be stated using the equation editor in Excel - see bullet point 3 on page 1