Recall the production model:MaxMaxs.t.s.t.10xSuppose the firm in this example considers a second product that has a unit profit of $5 and requires 2 hours of labor time for each unitproduced. Use y as the number of units of second product produced.(a) Show the mathematical model when both products are considered simultaneously.5x ≤ 40x ≥ 0x ≥ 0, y ≥ 0 (b) Identify the controllable and uncontrollable inputs for this model. (Select all that apply.)(i) controllableX(ii) uncontrollableX =0000000000y =P =ylabor hourslabor availabilityunit profit$(c) What are the optimal solution values of x and y? (Let P be total profit.)Xylabor hourslabor availabilityunit profit

Production is a vital piece of financial matters. It makes esteem in the economy since it applies…

Answered: Recall the production model: Max 10x…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 40P

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Maxwell Manufacturing makes two models of felt tip marking pens. Requirements for each lot of pens are given below. The profit for either model is $1000 per lot. Fliptop Model Tiptop Model Available Plastic 3 4 36 Ink Assembly 5 4 40 Molding Time 5 2 30 Formulate a LP Model for this problem.
1.) Objective Function: Maximize Z = 60X₁ +50X₂ Subject to Assembly 4X₁ + 10X ₂ ≤ 100 hours Inspection 2X₁ + 1X₂ ≤ 22 hours Storage 3X ₁ + 3X₂ ≤ 39 cubic feet X₁, X₂ ≤ 0Solve the following completely by graphical method:a) corner point methodb) iso profit line 2.) Suppose, 240 acres of land available.Profit: $40/acres corn: $30/acre oats Have 320 hours of labor available.Corn takes 2 hours of labor per acre of land; however, Oats requires 1 hour of labor per acre of land. Problem: How many acres of each should be planted to maximize profit? a) Formulate the problem.b) Solve the problem using graphical method (corner point solution) and Iso profit method.
Suppose 100,000 lamps are to be manufactured annually. It costs $1 to store a lamp for 1 year, $500 to set up the factory to produce a batch of lamps and $5 to produce each lamp. A. If all lamps are produced in one batch find the total cost? B. If all lamps are produced in two batches of equal size, find the total cost? C. If the number of units in each batch is q, then how many batches are there? D. Find the number of lamps in each batch to minmize the total cost? E. What is the minimum cost? [ i need all answer i will upvote]
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The Electrocomp Corporation manufactures two electrical products: air conditioners and large fans. The assembly process for each is similar in that both rquire a certain amount of wiring and drilling. Each air condtioner takes 3 hours of wiring and 2 hours of drilling. During the next production period, 240 hours of wiring time are available, and up to 140 hours of drilling time may be used. Each air conditioner sold yieds a profit of $25. Each fan assembled may be sold for a $15 profit. Formulate the best combination of air conditioners and fans that yiedls the highest profit. Use the corner point graphical approach.
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SureStep is currently getting 160 regular-time hours from each worker per month. This is actu-ally calculated from 8 hours per day times 20 days per month. For this, they are paid $9.375 per hour(51500y160). Suppose workers can change theircontract so that they only have to work 7.5 hours perday regular-time—everything above this becomesovertime—and their regular-time wage rate increasesto $10 per hour. They will still work 20 days per month. Will this change the optimal no-backloggingsolution?
1. Cox Electric makes electronic components and has estimated the following for a new design of one of its products. Fixed cost = $24,375 Material cost per unit = $0.17 Labor cost per unit = $0.12 Revenue per unit = $0.68 Note that fixed cost is incurred regardless of the amount produced. Per-unit material and labor cost together make up the variable cost per unit. Assuming that Cox Electric sells all that it produces, profit is calculated by subtracting the fixed cost and total variable cost from total revenue. Construct an appropriate spreadsheet model to find the profit based on a given production level and use the spreadsheet model to answer these questions. a. Construct a one-way data table with production volume as the column input and profit as the output. Breakeven occurs when profit goes from a negative to a positive value; that is, breakeven is when total revenue = the total cost, yielding a profit of zero. Vary production volume from 0 to 100,000 in increments of 10,000.…
A firm's short-run production function is given with Q(K, L) = L0.2* K2 . Capital is fixed with K=3. The price of capital is r = 0.1 and the price of labour is w = 4 The price of the final output is p = 8 a) Do you think it is possible to depict this production function with an isoquant? Justify your answer by explaining the concept of an isoquant. b) Calculate the optimum quantity of labour the firm should use if it wants to maximize its profit. Also calculate the output produced and the corresponding profit.

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