Manitowoc Crane (A). Manitowoc Crane (US) exports heavy crane equipment to several Chinese dock facilities. Sales are currently 20,000 units per year at the yuan equivalent of $23,000 each. The Chinese yuan (renminbi) has been trading at Yuan760/5, but a Hong Kong advisory service predicts the renminbi will drop in value next week to Yuan, 30/5, after which it will remain unchanged for at least a decade Accepting this forecast as given, Manitowoc Crane faces a pricing decision in the face of the impending devaluation. It may either (1) maintain the same yuan price and in effect sell for fewer dollars, in which case Chinese volume will not change: or (2) maintain the same dollar prion, raise the yuan price in China to offset the devaluation, and experience a 10% drop in unit volume Direct costs are 75% of the U.S. sales price a. What would be the short-run (one-year) impact of each pricing strategy? b. Which do you recommend? a. Il Manitowoc Crane maintains the same yuan price and and same undolume, what will be the firm's grown profits ? (Round to the nearest dollar)