Answer
$\bf\text{The product will never break even.}$
Work Step by Step
Remember that the break even point is where the revenue, $R$ is greater than or equal to the costs, $C$, or simply:
$$R\geq{C}$$
Simply plug in the values and work the inequality
$60x\geq{70+500}$
subtract $70x$ from both sides
$-10x\geq{500}$
Right away we can see that we will lose ${$}10$ for every item, $x$ we make. So we will never make up the ${$}500$ initial cost and never break even.
