1. A corporation sold X units of product for $Y each and has $M in total fixed and $L in total variable costs (a) Find its break-even point (in units) in terms of L, M, X and Y. (b) Use any or all of your answer to part (a) to find profit earned at a sales volume of T units above break-even. Explain your answer.

2. Explain how (a) a manufacturer would calculate its production requirements; (b) a college would analyze the number of students it needs to break even; and, (c) a hospital would select a new piece of durable medical equipment.