Question 1: Problem solving (15 Marks) A handicraft products trader plans to sell leather cases in one of two cities (1 or 2). The fixed cost f, the variable cost/case v, and the selling price/case s were estimated for each city as specified in the following table. City 1 City 2 Fixed Cost ($) 20,000 32,000 Selling price/case ($) 55 100 Variable cost/case ($) 35 60 1. Write down the profit model for both cities 1 and 2. (4 Marks) 2. Compute the Breakeven Point for both cities 1 and 2. (5 Marks) 3. Which city is best for selling leather cases, City 1 or City 2? Explain why. (3 Marks) 4. What profit could the handicraft products trader make when the sales reach 1000 cases, if he decides to sell his leather cases in City 2