also provide formulas of solutions

Question No. 1 (5+6 Marks) - CLO 1,2 a. A person came to Lahore in search of his job. He has only $300 per month available for his accommodation (housing) for the coming year. He is determined that he can find his job in Lahore so he decided to live in Lahore. Describe all feasible alternatives for economic decision making of his housing. To help him, list five feasible alternatives b. Three alternative designs have been created by DESCON engineers for a new machine that spreads balls from the bat in the cricket kit. Each machine design has unique total costs (fixed and variable) based on the annual production rate of total kits. The costs for the three designs are given. Design Fixed cost Variable cost A $25,000 $20,000 x annual production rate B $20,050 $100 x annual production rate C $5,000 $1,000,00 x annual production rate You are asked to do the following. i. Mathematically describe which of the machine designs would be recommended for different levels of annual production of cricket kits. Management is interested in the production interval of 0-150,000 cricket kits per year. Over what production volume would each design (A or B or C) be chosen? ii. Apply your solution from part (a) graphically, putting annual production rate per year on the horizontal axis and $ on the vertical axis, so that management can see more easily the following: I. Accurate total cost lines for each alternative (show line, slopes, and line equations). II. Any relevant breakeven, or crossover points in terms of costs between the alternatives. III. Ranges of annual production where each alternative is preferred. IV. Clearly label your axes and include a title for the graph