Prepared from a situation suggested by Professor John W Hardy) Lone Star Meat Packers is a major processor of beef and other meat products the company has a large amount of T bone steak on hand, and it is trying to decide whether to sell the T-benne steaks as they are initially cut or to process them further into filet mignon and the New York cut If the T-bone steaks are sold as initially cut. the company figures that a 1-pound T-Done steak would yield the following profit Selling price (52 10 per pound) Less joint costs incurred up to the split-off paint where T-bone steak can be identified as a separate product Profit per pound As mentioned above. instead of De ng sold as initially cut. the T-bone steaks could be further processed into filet mignon and New York cut steaks. Cutting one side of a T-one steak provides the filet mignon. and cutting the other si provides the New York cut. One 16-ounce T-bone steak cut in this way will yield one 6-ounce filet mignon and one 8-ounce New York cut the remaining ounces are waste, me cost or processing the T-bone steaks into these cuts is $0 17 per pound the filet mignon can one sold for $4 00 per pound, and the New York cut can be sold for $3 00 per pound Determine the profit per pound from processing the T-bone steaks into filet mignon and New York cut steaks. Would you recommend that the T-bone steaks be sold as initially cut or processed further