Kane Manufacturing has a division that produces two models of grates, model A and model B. To produce each model A grate requires 3 pounds of cast iron and 6 minutes of labor. To produce each model B grate requires 4 pounds of cast iron and 3 minutes of labor. The profit for each model A grate is $1.50, and the profit for each model B grate is $1.00. Available for grate production each day are 1000 pounds of cast iron and 20 labor- hours. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 180 grates per day. P = 1.5x + 1y subject to 3x + 4y s1000 6x + 3y s1200 XS 180 y 2 0 Maximize Resource 1 Resource 2 Resource 3 (a) Find the shadow price for Resource 2. (Round your answer to the nearest cent.) $ 40 (b) Identify the binding and nonbinding constraints. binding binding constraint 1 constraint 2 constraint 3 nonbinding v
Kane Manufacturing has a division that produces two models of grates, model A and model B. To produce each model A grate requires 3 pounds of cast iron and 6 minutes of labor. To produce each model B grate requires 4 pounds of cast iron and 3 minutes of labor. The profit for each model A grate is $1.50, and the profit for each model B grate is $1.00. Available for grate production each day are 1000 pounds of cast iron and 20 labor- hours. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 180 grates per day. P = 1.5x + 1y subject to 3x + 4y s1000 6x + 3y s1200 XS 180 y 2 0 Maximize Resource 1 Resource 2 Resource 3 (a) Find the shadow price for Resource 2. (Round your answer to the nearest cent.) $ 40 (b) Identify the binding and nonbinding constraints. binding binding constraint 1 constraint 2 constraint 3 nonbinding v
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter12: Algebra Of Matrices
Section12.CR: Review Problem Set
Problem 37CR
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