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YOUR TEACHER Kane Manufacturing has a division that produces two models of grates, model A and model B. To produce each model A grate requires 3 pounds of cast iron and 6 minutes of labor. To produce each model B grate requires 4 pounds of cast iron and 3 minutes of labor. The profit for each model A grate is $2.00, and the profit for each model B grate is $1.50. Available for grate production each day are 1000 pounds of cast iron and 20 labor-hours. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 180 grates per day. Maximize subject to P = 2x + 1.5y 3x + 4y < 1000 6x + 3y ≤1200 x 180 0 0 y 2 X Z Resource 1 Resource 2 Resource 3 (a) Find the shadow price for Resource 2. (Round your answer to the nearest cent.) $ (b) Identify the binding and nonbinding constraints. constraint 1 constraint 2 constraint 3 binding binding nonbinding C C ✔ C ✔ PRACTICE ANOTHER

YOUR TEACHER Kane Manufacturing has a division that produces two models of grates, model A and model B. To produce each model A grate requires 3 pounds of cast iron and 6 minutes of labor. To produce each model B grate requires 4 pounds of cast iron and 3 minutes of labor. The profit for each model A grate is $2.00, and the profit for each model B grate is $1.50. Available for grate production each day are 1000 pounds of cast iron and 20 labor-hours. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 180 grates per day. Maximize subject to P = 2x + 1.5y 3x + 4y < 1000 6x + 3y ≤1200 x 180 0 0 y 2 X Z Resource 1 Resource 2 Resource 3 (a) Find the shadow price for Resource 2. (Round your answer to the nearest cent.) $ (b) Identify the binding and nonbinding constraints. constraint 1 constraint 2 constraint 3 binding binding nonbinding C C ✔ C ✔ PRACTICE ANOTHER

Algebra for College Students
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter12: Algebra Of Matrices
Section12.CR: Review Problem Set
Problem 37CR
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Kane Manufacturing has a division that produces two models of grates, model A and model B. To produce each model A grate requires 3 pounds of cast iron and 6 minutes of labor. To produce each model B grate requires 4 pounds of cast iron and 3 minutes of labor. The profit for each model A grate is $2.00, and the profit for each model B grate is $1.50. Available for grate production each day are 1000 pounds of cast iron and 20 labor-hours. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 180 grates per day. Maximize subject to P = 2x + 1.5y 3x + 4y ≤ 1000 6x + 3y ≤ 1200 X 180 0 0 y ≥ X > constraint 1 constraint 2 constraint 3 Resource 1 Resource 2 Resource 3 (a) Find the shadow price for Resource 2. (Round your answer to the nearest cent.) $ (b) Identify the binding and nonbinding constraints. binding binding nonbinding ASK YOUR TEACHER PRACTICE ANOTHER
Transcribed Image Text:Kane Manufacturing has a division that produces two models of grates, model A and model B. To produce each model A grate requires 3 pounds of cast iron and 6 minutes of labor. To produce each model B grate requires 4 pounds of cast iron and 3 minutes of labor. The profit for each model A grate is $2.00, and the profit for each model B grate is $1.50. Available for grate production each day are 1000 pounds of cast iron and 20 labor-hours. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 180 grates per day. Maximize subject to P = 2x + 1.5y 3x + 4y ≤ 1000 6x + 3y ≤ 1200 X 180 0 0 y ≥ X > constraint 1 constraint 2 constraint 3 Resource 1 Resource 2 Resource 3 (a) Find the shadow price for Resource 2. (Round your answer to the nearest cent.) $ (b) Identify the binding and nonbinding constraints. binding binding nonbinding ASK YOUR TEACHER PRACTICE ANOTHER
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