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Question 1 (2 points) The Wakanda Corporation's marketing manager estimates that the variable cost per unit of their product Vibranium is $11.32. They want to break even by making 10,000 units of this product. What is the fixed cost if the break-even price is $18.82? Answer: Question 2 (2 points) The Thanos Stone Corporation finds that at a price of $8 the quantity demanded for Infinitium is 18,000 units. When the price is changed to $7 the quantity demanded becomes 22,000. What is the price elasticity of demand of Infinitium? Is the demand for this product elastic or inelastic? Answer: Question 3 (4 points) Howard Stark of Stark Industries has found that the relationship between price and quantity demanded for their strengthened steel product can be represented by the formula: P = 1,000-0.1Q where Q is quantity demanded in units and P represents the selling price. The unit variable cost (i.e variable cost per unit) for their product is $25 while their total fixed cost is $25,000 A) What price(s) per unit should they charge to maximize revenue? (2.5 points) B) What is the maximum revenue (1.5 points) Answer(s) (A): Answer (B): Question 4 (4 points) - This question is completely independent of question 3 Gamora Whoberi the CEO of Zen-Whoberi Inc. has established that the relationship between price and quantity demanded for their Soulstonitis product can be represented by the formula: Q 4800 8P, where Q is quantity demanded in tons and P represents the selling price. The unit variable cost (i.e., variable cost per ton) for their product is $24 while their total fixed cost is $60,000. What price(s) will result in a profit of exactly $500,000? If solving first for quantity (in tons), then do not round up the quantity to a whole number. Instead maintain two decimal places - since loose material can be sold in fractional volumes. Answer(s)