Answer the following questions (be as specific as possible): 1. Why is knowledge of cost behavior important for managerial decision making? Give an example to illustrate your answer. 2. In a strategy meeting, a manufacturing companys president said, If we raise the price of our product, the companys break-even point will be lower. The financial vice president responded by saying, Then we should raise our price. The company will be less likely to incur a loss. Do you agree with the president? Why? Do you agree with the financial vice president? Why? Be as specific as possible.