Name: ___________________________________ Date: _____________ MAT 1460- ____ Homework Section 3.3 Support your answer by showing your work. 1. Use the following information to answer the following questions. The marginal cost for producing an item is $12. The fixed costs for the business are $1750. The item sells for $37. a) Find the cost function. b) Find the revenue function. c) Find the profit function. d) Find the average cost per item when 1000 units are produced. e) What is the break-even point? 2. Let the supply and demand for radial tires in dollars be given by: Supply: ; Demand: Find the equilibrium quantity and price