APPLICATION OF FUNCTIONS IN BUSINESS, ECONOMICS AND SOCIAL SCIENCE by Nurul Jannah https://padlet.com/jannahyusof56/pe37crkwnwcs Application of functions in economics en-us 2018-09-18 13:12:37 UTC 2018-09-18 14:05:30 UTC hello@padlet.com Learning Outcome jannahyusof56 https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282870639 At the end of this section, students should understand that functions can be used in economics and business.]]> 2018-09-18 13:15:38 UTC https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282870639 Definition jannahyusof56 https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282873350 Cost: The total cost to produce the product.

C(x) = Variable cost + Fixed cost ]]> 2018-09-18 13:18:59 UTC https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282873350 Definition jannahyusof56 https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282879692 Revenue: The amount of money received from selling the products.

Revenue = Price times quantity R(x) = p . x]]> 2018-09-18 13:27:21 UTC https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282879692 Definition jannahyusof56 https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282882866 Profit: The amount of money made from selling the product, after taking into consideration the cost to produce it.

Profit = Revenue - Cost
P(x) = R(x) - C(x)]]> 2018-09-18 13:31:40 UTC https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282882866 Example jannahyusof56 https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282885612 Evelyn Sdn Bhd manufactures bagpacks for travelling. The fixed costs of the bagpacks is RM 5000 per month. Materials and labor for each bagpack are RM 32, and the company sells this bagpack for RM 65 each. For this bagpack, write the function for the total monthly costs, the total revenue and the profit. Simplify.]]> 2018-09-18 13:35:25 UTC https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282885612 Solution jannahyusof56 https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282891398 Total monthly costs:
C(x) = 32x + 5000
Total revenue :
R(x) = 65x
The profit :
P(x) = R(x) - C(x)
P(x) = 65x - (32x+5000)
P(x) = 65x - 32x - 5000
P(x) = 33x - 5000]]> 2018-09-18 13:42:57 UTC https://padlet.com/jannahyusof56/pe37crkwnwcs/wish/282891398