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This assignment uses the Learning Curve Excel 'tool. Your company is considering developing and building a new electric passenger car. Average variable costs of production are expected fall as in Wright's learning curve model. You have the following information: 9 Total research, development, testing, and evaluation (RD T&E) costs (fixed cost: not a variable cost): $40 million 10 11 The following costs are variable costs (they don't include the $90 million) 12 Expected average cumulative cost of the first 100 cars: $160 thousand 13 Expected average cumulative cost of the first 350 cars: $121 thousand 14 15 From this information, report the learning rate and complete the following table. 16 17 Learningrate: 18 19 20 Average Variable Total # of cars Total RDT&E Average Fixed Costs Cost Average Total Cost Marginal Cost* 21 22 23 24 16 32 64 128 256 512 1,024 2.048 4,096 8,192 16,384 32,768 65.536 131,072 *The marginal cost, given the functional form of the learning curve, is (b+1) (average variable cost). 42 43 You will be reporting the values in the green shaded boxes in Moodle. In addition, answer the following questions: 44 45 10. If the price of each car was $39,044, how many cars must be built and sold to cover total costs? 46 47 11. If the price of each car was $59,897, how many cars must be built and sold to cover total variable costs? 45 12. If the price of each car was $40,000, how many cars must be produced such that the marginal cost falls below the price? You may either report the smallest total # of cars from above where MC