Cox Electric makes electronic components and has estimated the following for a new design of one of its products. Material Cost per Unit $0.16 Fixed Cost $12,000 Labor Cost per Unit $0.12 Revenue per Unit -$0.62 Note that fixed cost is incurred regardless of the amount produced. Per-unit material and labor cost together make up the variable cost per unit. Assuming that Cox Electric sells all that it produces, profit is calculated by subtracting the fixed cost and total variable cost from total revenue. (a) Build an influence diagram that illustrates how to calculate profit. Profit Profit Total Cast Total Revenue Fixed Cast Production Volume Revenue per Upit Total Fixed Cost Total Total Variable Obst Cost Variable obst Labor Cast per Unit Total Revenue Material Cost Production per Unit Volume Material Cost per Unit Labor Cast per Unit, Fixed Cost Total Cast Material Cost per Unit Total Profit Variable Obst Labor Cast per Unit Total Revenue Fixed Revenue Cost per unt Production Volume Total Cost Production) Volume Total Revenue Material Cost per Unit Total Variable obst Labor Cost per Unit Revenue per Unit Revenue per Unt Profit (b) Using mathematical notation similar to that used for Nowlin Plastics, give a mathematical model for calculating profit. (Write your answer in terms of the following variables - Production Volume (quantity produced), R - Revenue Per Unit, FC = the Fixed Costs of Production, MC - Material Cost per Unit, LC - Labor Cost per Unit, and P(q) - Total Profit for producing (and selling) q units.) P(a) = x (c) Implement your model from part (b) in Excel using the principles of good spreadsheet design. A B Cox Electric Breakeven Analysis 1 2 3 Parameters 4 Revenue per Unit 90.62 5 Fixed Costs $12,000.00 6 Materials Cost per Unit 50.16 7 Labor Cost per Unit S0.12 8 9 10 Model 11 Production Volume 12 13 Total Ravanua -B11'84 14 15 Materials Cast -B11'86 16 Labor Cost [=811'87 17 Fixed Cost -IF(B110.B5,0)] 18 Total Cost =SUM(B15:B17) 19 20 Profit =813-818 21 (d) If Cox Electric makes 19,000 units of the new product, what is the resulting profit (in dollars)? $