Three different objectives relate to a firm's profit, which is often measured in terms of return on investment. One objective, known as OCcurs when a firm sets a profit goal, usually determined by its board of directors. Select one: O a. managing for long-run profits O b. minimizing risk O c. target return O d. break-even strategy O e. maximizing current profit
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- A manager wants to know how many units of each product to produce on a daily basis in order toachieve the highest contribution to profit. Production requirements for the products are shown inthe following table.ProductMaterial 1(pounds)Material 2(pounds)Labor(hours)A 2 3 3.2B 1 5 1.5C 6 — 2.0Material 1 costs $5 a pound, material 2 costs $4 a pound, and labor costs $10 an hour. Product Asells for $80 a unit, product B sells for $90 a unit, and product C sells for $70 a unit. Availableresources each day are 200 pounds of material 1; 300 pounds of material 2; and 150 hours of labor.The manager must satisfy certain output requirements: The output of product A should not bemore than one-third of the total number of units produced; the ratio of units of product A to units ofproduct B should be 3 to 2; and there is a standing order for 5 units of product A each day. Formulate a linear programming model for this problem, and then solveGrey Manufacturing Company expects sales to total 13,000 units in the first quarter, 12,000 units inthe second quarter, and 15,000 units in the third quarter of the current fiscal year. Company policyis to have on hand at the end of each quarter an amount of inventory equal to 10% of the followingquarter’s sales. Given this information, how many units should be scheduled for production in thesecond quarter?A recently hired chief executive officer wants to reduce future production costs to improve the company's earnings, thereby increasingthe value of the company's stock. The plan is to invest $76,000 now and $58,000 in each of the next 6 years to improveproductivity. By how much must annual costs decrease in years 7 through 12 to recover the investment plus a return of 13% per year? The annual cost decreases by $....
- The cost data for Evencoat Paint for the year 2019 is as follows: Month Gallons ofPaintProduced EquipmentMaintenanceExpenses January 110,000 $70,700 February 68,000 66,800 March 71,000 67,000 April 77,000 68,100 May 95,000 69,200 June 101,000 70,300 July 125,000 70,400 August 95,000 68,900 September 95,000 69,500 October 89,000 68,600 November 128,000 72,800 December 122,000 71,450 A. Using the high-low method, express the company’s maintenance costs as an equation where x represents the gallons of paint produced. Then estimate the fixed and variable costs. Fixed cost $ Variable cost $A. Write a document with the following information: 1. What do you expect your job to pay when you start? 2. What benefits are musts for you? 3. What benefits would you like to have even though they are not musts? 4. Include the graph you generate in step B below. B. Create a spreadsheet and a graph of life vs funds For each year of your remaining life specify the amount you plan to save/invest/withdraw that year and how much you expect that amount to increase during the year (base on actual data – typical savings interest rate, typical stock market interest rate, typical CDs, typical…). Calculate how much your funds will increase/decrease over your life and create a life (x-axis) vs funds (y-axis) plot.Chris LeBlanc estimates that if he does five hours of research using datathat will cost $175, there is a good chance that he can improve hisexpected return on a $10,000, one-year investment from 6% to 9%. Chrisfeels that he must earn at least $30 per hour on the time he devotes to hisresearch.a. Find the cost of Chris’s research.b. By how much (in dollars) will Chris’s return increase as a result ofthe research?c. On a strict economic basis, should Chris perform the proposed reserach?
- 2. A firm makes two products, Y and Z. Each unit of Y costs $10 and sells for $40. Each unit of Z costs $5 and sells for $25. If the firm's goal is to maximize profit, what would be the appropriate objective function? Select one: a. Maximize profit Z = $10Y + $25Z b. Maximize profit Z = 0.25Y + 0.20Z c. Maximize profit Z = $40Y + $25Z d. Maximize profit Z = $50(Y + Z) e. Maximize profit Z = $30Y + $20ZSuppose a certain manufacturing company produces connecting rods for 4- and 6-cylinder automobile engines using the same production line. The cost required to set up the production line to produce the 4-cylinder connecting rods is $2,400, and the cost required to set up the production line for the 6-cylinder connecting rods is $3,900. Manufacturing costs are $13 for each 4-cylinder connecting rod and $19 for each 6-cylinder connecting rod. Hawkins makes a decision at the end of each week as to which product will be manufactured the following week. If a production changeover is necessary from one week to the next, the weekend is used to reconfigure the production line. Once the line has been set up, the weekly production capacities are 6,000 6-cylinder connecting rods and 8,000 4-cylinder connecting rods. Let x4 = the number of 4-cylinder connecting rods produced next week x6 = the number of 6-cylinder connecting rods produced next week s4 = 1 if the production line is set up to…A large CPA firm currently has 100 junior staffmembers and 20 partners. In the long run—say,20 years from now—the firm would like to consistof 130 junior staff members and 20 partners. During a given year, 10% of all partners and 30% ofall junior staff members leave the firm. The firmcan control the number of hires each year and thefraction of junior employees who are promoted topartner each year. Can you develop a personnelstrategy that would meet the CPA firm’s goals?
- Widgetco produces widgets at plant 1 and plant 2. Itcosts 20x1/2 to produce x units at plant 1 and 40x1/3 toproduce x units at plant 2. Each plant can produce as manyas 70 units. Each unit produced can be sold for $10. Atmost, 120 widgets can be sold. Formulate an NLP whosesolution will tell Widgetco how to maximize profit.Suppose a certain manufacturing company produces connecting rods for 4- and 6-cylinder automobile engines using the same production line. The cost required to set up the production line to produce the 4-cylinder connecting rods is $2,300, and the cost required to set up the production line for the 6-cylinder connecting rods is $3,500. Manufacturing costs are $16 for each 4-cylinder connecting rod and $18 for each 6-cylinder connecting rod. Hawkins makes a decision at the end of each week as to which product will be manufactured the following week. If a production changeover is necessary from one week to the next, the weekend is used to reconfigure the production line. Once the line has been set up, the weekly production capacities are 5,000 6-cylinder connecting rods and 8,000 4-cylinder connecting rods. Let x4 = the number of 4-cylinder connecting rods produced next week x6 = the number of 6-cylinder connecting rods produced next week s4 = 1 if the production line is set up to…Frober Co's institutional investors are becoming increasingly impatient for growth at the company. The directors have identified a significant opportunity in a new market but Frober doesn't currently have the capabilities to exploit that opportunity. The nature of Frober's work means that its processes require a number of high technology processes, and the directors have agreed that Frober must retain full control over its operations in any markets it moves into. In this context, which of the following is the MOST appropriate basis of growth for Frober Co?