For acertain company, the cost function for producing items isC) = 40+ 100 and the revenue function for selling I items isR(t) = -0.5(2 - 802 + 3,200. The maximum capacity of the company is140 itemsThe profit function P() is the revenue function R (2) (how much it takes in) minus thecost function C() (how much it spends). In economic models, one typicallyassumes that a company wants to maximize its profit, or at least make a profit!Answers to some of the questions are given below so that you can check your work1. Assuming that the company sells all that it produces, what is the profit function?PC) =Hint: Profit = Revenue - Cost as we examined in Discussion 3.2. What is the domain of P)?Hint: Does calculating P (1) make sense when I = -10 or 2 = 1,000?3. The company can choose to produce either 40 or 50 items. What is their profit foreach case, and which level of production should they choose?Profit when producing 40 items =Profit when producing 50 items = Number4. Can you explain from our model, why the company makes less profit whenproducing 10 more units?Number