Math

Math

1. Functions

   • cost function
     • total cost=variable cost + fixed cost
       • =cost of producing one item x #iteams produced+fixed cost
     • C(q)=mq+b
       • m=cost per unit ; m>0
       • q = # of units
       • b = fixed cost
   • revenue function
     • total revenue = selling price per unit x # of units sold
     • R(q)=P q
       • P= selling price
       • q = # of units
   • profit function
     • Profit = revenue - cost
     • = R(q) - C(q)
       • Gain of profit
         • >0 or R(q) > C(q)
       • loss of profit
         • <0 or R(q) < C(q)
       • break even point
         • =0 or R(q) = C(q)
   • marginal analysis
     • marginal cost
     • marginal revenue
     • marginal profit
   • demand and supply function
   • depreciation function
   • exponentian function

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