Overview of Revenue, Cost, and Product Functions
Description
A detailed tutorial on revenue, cost, and product functions. Step by step tutorial including several examples of revenue, cost, and product functions for reference.
Overview
The revenue, cost, and product functions are parts of economics and business math. The cost function is how much something costs, and it can be expressed as C(q) = 100 + 2q. The revenue function is how much money you get from selling what you bought, and it can be expressed as R(q) = 2.5q. The profit function is how much money was actually made, and it is the revenue function minus the cost function.
