Cox Electric makes electronic components and has estimated the following for a new design of one of its products. Fixed Cost = $11,000 Material Cost per Unit = $0.17 Labor Cost per Unit = $0.11 Revenue per Unit = $0.68 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. (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 q = 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(q) = (c) Implement your model from part (b) in Excel using the principles of good spreadsheet design. A B 1 Cox Electric Breakeven Analysis 2 3 Parameters 4 Revenue per Unit $0.68 5 Fixed Costs $11,000.00 6 Materials Cost per Unit $0.17 7 Labor Cost per Unit $0.11 8 9 10 Model 11 Production Volume 12 13 Total Revenue ---Select--- 14 15 Materials Cost ---Select-- 16 Labor Cost ---Select--- 17 Fixed Cost ---Select--- 18 Total Cost ---Select-- 19 20 Profit ---Select-- O 21 C (d) If Cox Electric makes 14,000 units of the new product, what is the resulting profit (in dollars)?