Creative Homework/Short Project. As a director of purchasing for a firm that manufactures motorcycles, you have been notified that the price of an important part used in the manufacture of the bikes has nearly doubled from $100 to nearly $200. You see your company having three choices: (1) buying the part and passing the cost on to the customer by increasing your price; (2) buying the part and absorbing the increase in cost, keeping the price of your bikes the same; and (3) buying a lower-priced part that will be of lower quality. Prepare a list of pros and cons for each alternative. Then explain your recommendation and justification for it.