Max the Tailor is going to sell custom suits. He was able to rent a garage from his Uncle Ed for $2,000 a month, which includes utilities, and he already owns the equipment he needs. He anticipates being able to sell his suits for $500 each. The raw materials (fabric, buttons, zippers, thread, etc.) will cost an average of $75 for each suit, and he plans to spend $25 per suit to advertise them. Assuming these are all the costs and revenues, what will be Max’s monthly break-even point in units? Does this seem like a reasonable amount for him to produce and sell every month? Please show your calculations.
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A: THE ANSWER IS AS BELOW:
Max the Tailor is going to sell custom suits. He was able to rent a garage from his Uncle Ed for $2,000 a month, which includes utilities, and he already owns the equipment he needs. He anticipates being able to sell his suits for $500 each. The raw materials (fabric, buttons, zippers, thread, etc.) will cost an average of $75 for each suit, and he plans to spend $25 per suit to advertise them. Assuming these are all the costs and revenues, what will be Max’s monthly break-even point in units? Does this seem like a reasonable amount for him to produce and sell every month? Please show your calculations.
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- The Pigskin Company produces footballs. Pigskin must decide how many footballs to produce each month. The company has decided to use a six-month planning horizon. The forecasted monthly demands for the next six months are 10,000, 15,000, 30,000, 35,000, 25,000, and 10,000. Pigskin wants to meet these demands on time, knowing that it currently has 5000 footballs in inventory and that it can use a given months production to help meet the demand for that month. (For simplicity, we assume that production occurs during the month, and demand occurs at the end of the month.) During each month there is enough production capacity to produce up to 30,000 footballs, and there is enough storage capacity to store up to 10,000 footballs at the end of the month, after demand has occurred. The forecasted production costs per football for the next six months are 12.50, 12.55, 12.70, 12.80, 12.85, and 12.95, respectively. The holding cost incurred per football held in inventory at the end of any month is 5% of the production cost for that month. (This cost includes the cost of storage and also the cost of money tied up in inventory.) The selling price for footballs is not considered relevant to the production decision because Pigskin will satisfy all customer demand exactly when it occursat whatever the selling price is. Therefore. Pigskin wants to determine the production schedule that minimizes the total production and holding costs. Can you guess the results of a sensitivity analysis on the initial inventory in the Pigskin model? See if your guess is correct by using SolverTable and allowing the initial inventory to vary from 0 to 10,000 in increments of 1000. Keep track of the values in the decision variable cells and the objective cell.The Pigskin Company produces footballs. Pigskin must decide how many footballs to produce each month. The company has decided to use a six-month planning horizon. The forecasted monthly demands for the next six months are 10,000, 15,000, 30,000, 35,000, 25,000, and 10,000. Pigskin wants to meet these demands on time, knowing that it currently has 5000 footballs in inventory and that it can use a given months production to help meet the demand for that month. (For simplicity, we assume that production occurs during the month, and demand occurs at the end of the month.) During each month there is enough production capacity to produce up to 30,000 footballs, and there is enough storage capacity to store up to 10,000 footballs at the end of the month, after demand has occurred. The forecasted production costs per football for the next six months are 12.50, 12.55, 12.70, 12.80, 12.85, and 12.95, respectively. The holding cost incurred per football held in inventory at the end of any month is 5% of the production cost for that month. (This cost includes the cost of storage and also the cost of money tied up in inventory.) The selling price for footballs is not considered relevant to the production decision because Pigskin will satisfy all customer demand exactly when it occursat whatever the selling price is. Therefore. Pigskin wants to determine the production schedule that minimizes the total production and holding costs. As indicated by the algebraic formulation of the Pigskin model, there is no real need to calculate inventory on hand after production and constrain it to be greater than or equal to demand. An alternative is to calculate ending inventory directly and constrain it to be nonnegative. Modify the current spreadsheet model to do this. (Delete rows 16 and 17, and calculate ending inventory appropriately. Then add an explicit non-negativity constraint on ending inventory.)The Pigskin Company produces footballs. Pigskin must decide how many footballs to produce each month. The company has decided to use a six-month planning horizon. The forecasted monthly demands for the next six months are 10,000, 15,000, 30,000, 35,000, 25,000, and 10,000. Pigskin wants to meet these demands on time, knowing that it currently has 5000 footballs in inventory and that it can use a given months production to help meet the demand for that month. (For simplicity, we assume that production occurs during the month, and demand occurs at the end of the month.) During each month there is enough production capacity to produce up to 30,000 footballs, and there is enough storage capacity to store up to 10,000 footballs at the end of the month, after demand has occurred. The forecasted production costs per football for the next six months are 12.50, 12.55, 12.70, 12.80, 12.85, and 12.95, respectively. The holding cost incurred per football held in inventory at the end of any month is 5% of the production cost for that month. (This cost includes the cost of storage and also the cost of money tied up in inventory.) The selling price for footballs is not considered relevant to the production decision because Pigskin will satisfy all customer demand exactly when it occursat whatever the selling price is. Therefore. Pigskin wants to determine the production schedule that minimizes the total production and holding costs. Modify the Pigskin model so that there are eight months in the planning horizon. You can make up reasonable values for any extra required data. Dont forget to modify range names. Then modify the model again so that there are only four months in the planning horizon. Do either of these modifications change the optima] production quantity in month 1?
- A pet daycare facility offers pet sitting services where owners can drop off their pets for training and socializing with other pets. To feed the pets, the daycare makes two types of pet food. A bag of freeze-dried nuggets costs $7.99 and contains 21 units of proteins, 4 units of fiber, and 15 units of fat. A bag of dehydrated nuggets costs $11.26 and contains 28 units of proteins, 7 units of fiber, and 20 units of fat. The minimum daily requirements are usually 200 units of protein, 75 units of fiber, and 220 units of fat. Formulate the information as an LP problem and answer the following questions. How many bags of freeze-dried nuggets and dehydrated food should the facility make each day to minimize the total cost? What is the lowest cost? Identify the binding and non-binding constraints and report the surplus values.The ATV Corporation makes three models of all-terrain vehicles: Model A, Model B, and Model C. Model A uses a 0.4-liter engine, Model B uses a 0.5-liter engine, and Model C uses a 0.6-liter engine. The aggregate production plan is the twelve-month plan that combines all three models together in total monthly production. The planning horizon is twelve months. The APP determines the size of the workforce, which is the constrained resource. Assume that the beginning inventory for January and that the desired monthly ending inventory is 120 units (30 units each of Model A and Model B, and 60 units of Model C), and the firm desires to have an ending inventory of 160 units at the end of the year. On average, one unit of ATV requires eight labor hours to produce, and a worker contributes 160 hours (8 hours × 5 days × 4 weeks) per month. The data has been collected in the Microsoft Excel Online file attached. Answer the question below: 1. What are the totals of the forecast demand (including…I need a detailed assistance to solve this problem: The Mantell Company makes softballs and baseballs. Softballs sell for $17 each, and baseball sell for $15 each. Making a ball of any kind requires leather, nylon, wood chips, labor and machine time. The requirements for each ball type and the resources available are show in the following table: Item Softball Requirement Baseball Requirement Available Resource Leather 6 ounces 4 ounces 6000 ounces Nylon 8 yards 3 yards 5000 yards Wood Chips 10 ounces 2 ounces 5000 ounces Labor 3 minutes 2 minutes 3600 minutes Machine 1 minute 1 minute 2000 minutes The company wishes to use LP to determine the optimal number of each type of ball to produce in order to maximize revenue. a) Write down the decision variables. b) Write down the optimization statement for the objective function. c) Write down the constraints.
- The ATV Corporation makes three models of all-terrain vehicles: Model A, Model B, and Model C. Model A uses a 0.4-liter engine, Model B uses a 0.5-liter engine, and Model C uses a 0.6-liter engine. The aggregate production plan is the twelve-month plan that combines all three models together in total monthly production. The planning horizon is twelve months. The APP determines the size of the workforce, which is the constrained resource. Assume that the beginning inventory for January is 120 units (30 units each of Model A and Model B, and 60 units of Model C). The firm desires to have an ending inventory of 160 units at the end of the year. On average, one unit of ATV requires eight labor hours to produce, and a worker contributes 160 hours (8 hours × 5 days × 4 weeks) per month. The data has been collected in the Microsoft Excel Online file attached. Answer the question below: 1. What are the totals of the forecast demand (including inventory adjustment for December), production,…The Star Youth Soccer Club helps to support its 20 boys’ and girls’ teams financially, primarily through the payment of coaches. The club puts on a tournament each fall to help pay its expenses. The cost of putting on the tournament is $8,000, mainly for development, printing, and mailing of the tournament The tournament entry fee is $400 per team. For every team that enters, it costs the club about $75 to pay referees for the three-game minimum each team is guaranteed. If the club needs to clear $60,000 from the tournament, how many teams should it invite?The Star Youth Soccer Club helps to support its 20 boys' and girls' teams financially, primarily through the payment of coaches. The club puts on a tournament each fall to help pay its expenses. The cost of putting on the tournament is $8,000, mainly for development, printing, and mailing of the tournament brochures. The tournament entry fee is $400 per team. For every team that enters, it costs the club about $75 to pay referees for the three-game minimum each team is guaranteed. If the club needs to clear $60,000 from the tournament, how many teams should it invite?
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