Optimization1

.xlsx

School

Thompson Rivers University *

*We aren’t endorsed by this school

Course

6250

Subject

Economics

Date

Feb 20, 2024

Type

xlsx

Pages

1

Uploaded by AdmiralComputer13551

Report
dd04f30d11cffe9e980245ea4f0cb06c8aac78cd.xlsx Product Unit profit Profit Bracelet $ 300.00 0.350 1.200 What would be the revised maximum profit if you had 1 extra hour of labour = ### 0.00% Necklace $ 200.00 0.150 0.750 What would be the revised maximum profit if you had 1 extra once of diamonds = ### 0.05% Earrings $ 100.00 0.050 0.500 What would be the revised maximum profit if jason had to make a minimum of 100 bracelets = ### ### Product Unit profit Minimum Units Units Bracelet $ 300.00 0 0 0.350 1.200 457 667 Necklace $ 200.00 0 1066 0.150 0.750 1,067 1,067 Earrings $ 100.00 0 1 0.050 0.500 3,200 1,600 Total Labour & Materials 159.950 800.000 160.000 800.000 Total Profit $ 213,300.00 Total Cost $ 959.95 Net Profit $ 212,340.05 Problems From Chapter #29 Using Solver to Determine the Optimal Product Mix Problem #3: Jason makes diamond bracelets, necklaces, and earrings. He wants to work a maximum of 160 hours per month. He has 800 ounces of diamonds. The profit, labor time, and ounces of diamonds required to produce each product are as follows. If demand for each product is unlimited, how can Jason maximize his profit? % Change from original profit Labor hours per unit Ounces of diamonds per unit Labor hours per unit Ounces of diamonds per unit Maximum (Labour Constraints) Maximum (Material Constraints) Labour & Materials Constraints Set up and solve this model and find the maximum profit that can be made. Put your answer in the space below. In additional answer the three marginal insight questions. - insights are always based off the original model so make sure you return to the original setting each time - You might want to copy the model down below and use this to get your insights that way your original model is always correct. - you will also have to copy and paste as values for each insight so you remove the formulas ANSWER:
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