Compute the standard cost for one hat,based on the following standards for each hat:
Definitions:
Price Ceiling
A legally imposed maximum price on a good or service, typically set below the market equilibrium, leading to shortages.
Marginal Revenue
Marginal revenue is the additional income that is gained from selling one more unit of a good or service.
Marginal Cost
The change in the total cost that arises when the quantity produced is incremented by one unit.
Writing Skills
The ability to express ideas clearly and effectively through written language.
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