MAXIMIZING PROFIT A company manufactures three products,
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Chapter 4 Solutions
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- Redo Exercise 5, assuming that the house blend contains 300 grams of Colombian beans, 50 grams of Kenyan beans, and 150 grams of French roast beans and the gourmet blend contains 100 grams of Colombian beans, 350 grams of Kenyan beans, and 50 grams of French roast beans. This time the merchant has on hand 30 kilograms of Colombian beans, 15 kilograms of Kenyan beans, and 15 kilograms of French roast beans. Suppose one bag of the house blend produces a profit of $0.50, one bag of the special blend produces a profit of $1.50, and one bag of the gourmet blend produces a profit of $2.00. How many bags of each type should the merchant prepare if he wants to use up all of the beans and maximize his profit? What is the maximum profit?arrow_forward23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.arrow_forwardProduction problems A company manufactures one type of computer chip that runs at 2.0 GHz and another that runs at 2.8 GHz. The company can make a maximum of 50 fast chips per day and a maximum of 100 slow chips per day. It takes 6 hours to make a fast chip and 3 hours to make a slow chip, and the companys employees can provide up to 360 hours of labor per day. If the company makes a profit of 20 on each 2.8-GHz chip and 27 on each 2.0-GHz chip, how many of each type should be manufactured to earn the maximum profit?arrow_forward
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