Cox Electric makes electronic components and has estimated the following for a new design of one of its products: Fixed Cost =$10,000 Material cost per unit =$0.15 Labor cost per unit =$0.10 Revenue per unit =$0.65 revenue. (b) Choose the correct mathematical model for calculating profit. Let q= production volume (quantity produced) R= revenue per unit FC= fixed cost of production MC= material cost per unit LC= labor cost per unit P(q)= total profit for producing (and selling) q units (i) P(q)=RqFC(MC)q(LC)q (ii) P(q)=Rq+FC+(MC)q+(LC)q (iii) P(q)=Rq+FC(MC)q+(LC)q (iv) P(q)=Rq+FC+(MC)q(LC)q (c) Implement your model from part (b) in Excel using the principles of good spreadsheet design and find the profit if Cox Electric makes 17,000 units of the new product. If required, round your answer to nearest whole number. For subtractive or negative numbers use a minus sign. (Example: -300) Cox Electric makes electronic components and has estimated the following for a new design of one of its products: Fixed Cost =$10,000 Material cost per unit =$0.15 Labor cost per unit =$0.10 Revenue per unit =$0.65 revenue. (b) Choose the correct mathematical model for calculating profit. Let q= production volume (quantity produced) R= revenue per unit FC= fixed cost of production MC= material cost per unit LC= labor cost per unit P(q)= total profit for producing (and selling) q units (i) P(q)=RqFC(MC)q(LC)q (ii) P(q)=Rq+FC+(MC)q+(LC)q (iii) P(q)=Rq+FC(MC)q+(LC)q (iv) P(q)=Rq+FC+(MC)q(LC)q (c) Implement your model from part (b) in Excel using the principles of good spreadsheet design and find the profit if Cox Electric makes 17,000 units of the new product. If required, round your answer to nearest whole number. For subtractive or negative numbers use a minus sign. (Example: -300)