Leatherco manufactures belts and shoes. A belt requires 2 square yards of leather and 1hour of skilled labor. A pair of shoes requires 3 sq yd of leather and 2 hours of skilled labor. As many as 25 sq yd of leather and 15 hours of skilled labor can be purchased at aprice of $5/sq yd of leather and $10/hour of skilled labor. A belt sells for $23, and a pairof shoes sells for $40. Leatherco wants to maximize profits (revenues -costs). Formulate an LP that can be used to maximize Leatherco’s profits. Then find and interpret theshadow prices for this LP.

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A:

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Optimization Models

Optimization models are mathematical models that help organizations determine the best way to allocate scarce resources to achieve specific objectives. These models can be used to solve a wide variety of problems, from finding the most efficient route for a delivery truck to determining the optimal mix of products to stock in a store.