A firm manufactures two products, each of which must be processed through cutting and finishing departments. The information for the two goods are represented in the table below: Good Type 1 and 2 Good 1 Cutting of material 3 hours per unit Finishing 4 hours per unit Profit Margins R5 per unit Good 2 Cutting of material 4 h per unit Finishing 6 h per unit Profit Margins R6 per unit Total cutting of material 120 hours Total finishing 260 h ours (a) Write down the constraints or inequalities. (b) Write down the objective function. (c) Sketch the graphs of inequalities and shade the feasible region. (d) How many types of each good should be manufactured to maximize profit.
A firm manufactures two products, each of which must be processed through cutting and finishing departments. The information for the two goods are represented in the table below: Good Type 1 and 2 Good 1 Cutting of material 3 hours per unit Finishing 4 hours per unit Profit Margins R5 per unit Good 2 Cutting of material 4 h per unit Finishing 6 h per unit Profit Margins R6 per unit Total cutting of material 120 hours Total finishing 260 h ours (a) Write down the constraints or inequalities. (b) Write down the objective function. (c) Sketch the graphs of inequalities and shade the feasible region. (d) How many types of each good should be manufactured to maximize profit.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter5: Investment Decisions: Look Ahead And Reason Back
Section: Chapter Questions
Problem 4MC
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A firm manufactures two products, each of which must be processed through cutting and
finishing departments. The information for the two goods are represented in the table
below:
Good Type 1 and 2
Good 1
Cutting of material
3 hours per unit
Finishing
4 hours per unit
Profit Margins
R5 per unit
Good 2
Cutting of material
4 h per unit
Finishing
6 h per unit
Profit Margins
R6 per unit
Total cutting of material 120 hours
Total finishing 260 h ours
(a) Write down the constraints or inequalities.
(b) Write down the objective function.
(c) Sketch the graphs of inequalities and shade the feasible region.
(d) How many types of each good should be manufactured to maximize profit.
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