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A company manufactures paring knives and pocket knives. Each paring knife requires 3 labor-hours, 7 units of steel, and 4 units of wood. Each pocket knife requires 6 labor-hours, 5 units of steel, and 3 units of wood. The profit on each paring knife is $3, and the profit on each pocket knife is $5. Each day the company has available 78 labor-hours, 119 units of steel, and 114 units of wood. Suppose that the number of labor-hours that are available each day is increased by 27. Use sensitivity analysis to determine the effect on the optimal number of knives produced and on the profit. The company should produce paring knives and pocket knives each day for a profit of $

A company manufactures paring knives and pocket knives. Each paring knife requires 3 labor-hours, 7 units of steel, and 4 units of wood. Each pocket knife requires 6 labor-hours, 5 units of steel, and 3 units of wood. The profit on each paring knife is $3, and the profit on each pocket knife is $5. Each day the company has available 78 labor-hours, 119 units of steel, and 114 units of wood. Suppose that the number of labor-hours that are available each day is increased by 27. Use sensitivity analysis to determine the effect on the optimal number of knives produced and on the profit. The company should produce paring knives and pocket knives each day for a profit of $

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter3: Introduction To Optimization Modeling
Section: Chapter Questions
Problem 32P
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A company manufactures paring knives and pocket knives. Each paring knife requires 3 labor-hours, 7 units of steel, and 4 units of wood. Each pocket knife requires 6 labor-hours, 5 units of steel, and 3 units of wood. The profit on each paring knife is $3, and the profit on each pocket knife is $5. Each day the company has available 78 labor-hours, 119 units of steel, and 114 units of wood. Suppose that the number of labor-hours that are available each day is increased by 27. Use sensitivity analysis to determine the effect on the optimal number of knives produced and on the profit. The company should produce paring knives and pocket knives each day for a profit of S
Transcribed Image Text:A company manufactures paring knives and pocket knives. Each paring knife requires 3 labor-hours, 7 units of steel, and 4 units of wood. Each pocket knife requires 6 labor-hours, 5 units of steel, and 3 units of wood. The profit on each paring knife is $3, and the profit on each pocket knife is $5. Each day the company has available 78 labor-hours, 119 units of steel, and 114 units of wood. Suppose that the number of labor-hours that are available each day is increased by 27. Use sensitivity analysis to determine the effect on the optimal number of knives produced and on the profit. The company should produce paring knives and pocket knives each day for a profit of S
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ISBN:
9781337406659
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