What is the best choice of the crop given a constraint of 1000 acres? WheatStrawberriesSweet CornPerennial RyegrassGreen BeansYield125 bu12,000 lbs10 tonsSales Price$$$1,500 lbs $6.5 tons$6.00 $0.60 $117.00 $0.62 $198.00 $Expenses/Acre6006,5009757001,024Min # of Acres505505050Max # of Acres50050200500200

Let Wheat be A, Strawberries be B, Sweet Corn be C, Perennial Ryegrass be D and Green Beans be E…

Answered: What is the best choice of the crop…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter7: Nonlinear Optimization Models

Section: Chapter Questions

Problem 63P

See similar textbooks

Similar questions

If a monopolist produces q units, she can charge 400 4q dollars per unit. The variable cost is 60 per unit. a. How can the monopolist maximize her profit? b. If the monopolist must pay a sales tax of 5% of the selling price per unit, will she increase or decrease production (relative to the situation with no sales tax)? c. Continuing part b, use SolverTable to see how a change in the sales tax affects the optimal solution. Let the sales tax vary from 0% to 8% in increments of 0.5%.
Confederate Express Service is attempting to determinehow its shipping costs for a month depend on the numberof units shipped during a month. For the last 15 months, thenumber of units shipped and total shipping cost are given inTable 24 (file Ship.xls). Units TotalMonth Shipped Shipping Cost1 300 $1,0602 400 $1,3803 500 $1,6404 200 $7405 300 $1,0606 350 $1,1907 460 $1,5208 480 $1,5809 120 $54010 760 $2,42011 580 $2,20012 340 $1,47013 120 $79014 100 $72015 500 $1,960
Integrated Products Corporation (IPC) needs to estimate its PC sales for next year.The most recent six years of revenue data for the company’s line of XT PersonalComputers, and those of the industry, is found in the table below:Year XT PC Sales Revenue($’000,000)All Industry PC Sales Revenue($’000,000,000)1 2.4 4.62 5.9 8.63 15.5 10.74 27.8 14.85 35.9 18.56 38.1 19.4Required:A. Assuming that the sales data above are representative of sales expected nextyear, use time series regression analysis to forecast next year’s sales revenues(there is no seasonal effect).B. Perform a regression analysis between the annual sales revenues of XTPersonal Computers and all industry PC annual sales revenues. What is theforecast for next year’s sales revenue for XT Personal Computers if the estimateof next year’s industry PC sales revenues is $21.9 billion? C. Advise management at Integrated Products Corporation (IPC) which of the twosales estimates from parts A and B above they should use. Justify your…
Integrated Products Corporation (IPC) needs to estimate its PC sales for next year.The most recent six years of revenue data for the company’s line of XT PersonalComputers, and those of the industry, is found in the table below:Year XT PC Sales Revenue($’000,000)All Industry PC Sales Revenue($’000,000,000)1 2.4 4.62 5.9 8.63 15.5 10.74 27.8 14.85 35.9 18.56 38.1 19.4Required:A. Assuming that the sales data above are representative of sales expected nextyear, use time series regression analysis to forecast next year’s sales revenues(there is no seasonal effect).B. Perform a regression analysis between the annual sales revenues of XTPersonal Computers and all industry PC annual sales revenues. What is theforecast for next year’s sales revenue for XT Personal Computers if the estimateof next year’s industry PC sales revenues is $21.9 billion?
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?
25. Consider the following list of retail items sold in a small neighborhood gift shop.Average ProfitItem Annual Volume per ItemGreeting cards 3,870 $ 0.40T-shirts 1,550 1.25Men’s jewelry 875 4.50Novelty gifts 2,050 12.25Children’s clothes 575 6.85Chocolate cookies 7,000 0.10Earrings 1,285 3.50Other costume jewelry 1,900 15.00a. Rank the item categories in decreasing order of the annual profit. Classify eachin one of the categories as A, B, or C.b. For what reason might the store proprietor choose to sell the chocolate cookieseven though they might be her least profitable item?
J&J has given you $12 million to spend on advertising Huggys diapers during the next 12 months. Atthe beginning of January, Huggys has a 30% market7.9 Conclusion 401share. During any month, 10% of the people whopurchase Huggys defect to brand X, and a fraction0.2a1y2 of customers who usually buy brand X switchto Huggys, where a is the amount spent on advertisingin millions of dollars. For example, if you spend $4million during a month, 40% of brand X’s customersswitch to Huggys. Your goal is to maximize J&J’saverage market share during the next 12 months,where the average is computed from each month’sending share. Determine an appropriate advertisingpolicy. (Hint: Make sure you enter a nonzero trialvalue for each month’s advertising expense or Solvermight give you an error message.)
Integrated Products Corporation (IPC) needs to estimate its PC sales for next year.The most recent six years of revenue data for the company’s line of XT PersonalComputers, and those of the industry, is found in the table below: Year XT PC Sales Revenue($’000,000) All Industry PC Sales Revenue($’000,000,000) 1 2.4 4.6 2 5.9 8.6 3 15.5 10.7 4 27.8 14.8 5 35.9 18.5 6 38.1 19.4 Required:A. Assuming that the sales data above are representative of sales expected nextyear, use time series regression analysis to forecast next year’s sales revenues(there is no seasonal effect). B. Perform a regression analysis between the annual sales revenues of XTPersonal Computers and all industry PC annual sales revenues. What is theforecast for next year’s sales revenue for XT Personal Computers if the estimateof next year’s industry PC sales revenues is $21.9 billion?C. Advise management at Integrated Products Corporation (IPC) which of the twosales estimates from parts A and B above…
Integrated Products Corporation (IPC) needs to estimate its PC sales for next year.The most recent six years of revenue data for the company’s line of XT PersonalComputers, and those of the industry, is found in the table below: Year XT PC Sales Revenue($’000,000) All Industry PC Sales Revenue($’000,000,000) 1 2.4 4.6 2 5.9 8.6 3 15.5 10.7 4 27.8 14.8 5 35.9 18.5 6 38.1 19.4 Required: A. Assuming that the sales data above are representative of sales expected nextyear, use time series regression analysis to forecast next year’s sales revenues(there is no seasonal effect).B. Perform a regression analysis between the annual sales revenues of XTPersonal Computers and all industry PC annual sales revenues. What is theforecast for next year’s sales revenue for XT Personal Computers if the estimateof next year’s industry PC sales revenues is $21.9 billion?
Chemco produces three products: 1, 2, and 3. Eachpound of raw material costs $25. It undergoes processingand yields 3 oz of product 1 and 1 oz of product 2. It costs$1 and takes 2 hours of labor to process each pound of rawmaterial. Each ounce of product 1 can be used in one ofthree ways.It can be sold for $10/oz.It can be processed into 1 oz of product 2. This requires 2 hours of labor and costs $1.It can be processed into 1 oz of product 3. This requires 3 hours of labor and costs $2.Each ounce of product 2 can be used in one of two ways.It can be sold for $20/oz.It can be processed into 1 oz of product 3. This requires 1 hour of labor and costs $6.Product 3 is sold for $30/oz. The maximum number ofounces of each product that can be sold is given in Table 23.A maximum of 25,000 hours of labor are available.Determine how Chemco can maximize profit. TAB LE 23Product Oz1 5,0002 5,0003 3,000
1. Suppose you are going on a weekend trip to a city that is d miles away. Develop a model that determines your round-trip gasoline costs. What assumptions or approximations are necessary to treat this model as a deterministic model? Are these assumptions or approximations acceptable to you? 2. Suppose that a manager has a choice between the following two mathematical models of a given situation: (a)a relatively simple model that is a reasonable approximation of the real situation, and (b)a thorough and complex model that is the most accurate mathematical representation of the real situation possible. Why might the model described in part (a) be preferred by the manager?
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 $

SEE MORE QUESTIONS

Recommended textbooks for you

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

SEE MORE TEXTBOOKS