Find the equation of the least squares line.
-A shoe company will make a new type of shoe. The fixed cost for the production will be $24,000. The variable cost will be $34 per pair of shoes. The shoes will sell for $110 for each pair. What is The profit if 600 pairs are sold?
A)$21,600
B)$69,600
C)$62,400
D)$45,600

Question

Quizplus · Accepted Answer

The profit can be calculated by subtracting the total costs from the total revenue. The total revenue from selling 600 pairs at $110 each is $110 * 600 = $66,000. The total cost includes the fixed cost of $24,000 plus the variable cost of $34 per pair for 600 pairs, which is $34 * 600 = $20,400. So, the total cost is $24,000 + $20,400 = $44,400. The profit is then $66,000 - $44,400 = $21,600.

Find the Equation of the Least Squares Line