Practical Management Science, Loose-leaf Version
5th Edition
ISBN: 9781305631540
Author: WINSTON, Wayne L.; Albright, S. Christian
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 6, Problem 52P
a)
Summary Introduction
To determine: The way to maximize the profit of the firm.
Introduction: The variation between the present value of the
b)
Summary Introduction
To analyze: The given situation using SolverTable.
Introduction: The variation between the present value of the cash outflows and the present value of the cash inflows are known as the Net Present Value (NPV).
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Nice-Fit is a (fictional) small business producing outfits for costume parties and specialoccasions. Custom designs can be tailored to a customer’s request. Tom and Ann are theowners of the company and source all the fabric, design the outfits and make the costumesthemselves. Tom and Ann keep spreadsheets with information on the material purchased andcostumes made, but they find it difficult to keep track of their products, raw materials, andsales. The raw materials are supplied from a fabric company in India, and the production takesplace in a manufacturing company in China. The clothing is sold at local weekend markets,sold, or rented through costume hire shops, and sold at their physical store. Tom and Annreceive a small percentage of the sales and rentals of their costumes from the hire shops.They have no information on customers other than those who request custom designsdirectly from them. In 2020, the Covid-19 pandemic had a major impact on global economies,businesses and how we…
A linear programming computer package is needed.
Hilltop Coffee manufactures a coffee product by blending three types of coffee beans. The cost per pound and the available pounds of each bean are as follows.
Bean Cost per Pound Available Pounds
1
2
3
1
$0.50
2
$0.70
3
$0.45
Consumer tests with coffee products were used to provide ratings on a scale of 0-100, with higher ratings indicating higher quality. Product quality standards for the blended coffee require a consumer rating for aroma to be at least 75 and a
consumer rating for taste to be at least 80. The individual ratings of the aroma and taste for coffee made from 100% of each bean are as follows:
Bean Aroma Rating Taste Rating
75
85
60
85
lb
lb
lb
450
87
650
74
450
Assume that the aroma and taste attributes of the coffee blend will be a weighted average of the attributes of the beans used in the blend.
(a) What is the minimum-cost blend (in pounds) that will meet the quality standards and provide 1,000 pounds of the blended…
You are required to create the following tables in a database named STUDENT_REGISTRATIONS.
Ensure that you create the database and table objects exactly as depicted below.
STUDENTS
STUDENT_ID
VARCHAR(8) NOT NULL
PRIMARY KEY
STUDENT_NAME
VARCHAR(40) NOT NULL
STUDENT_SURNAME VARCHAR(40) NOT NULL
MODULES
MODULE_ID
VARCHAR(8) NOT NULL
PRIMARY KEY
MODULE_NAME
VARCHAR(40) NOT NULL
MODULE_CREDIT SMALLINT NOT NULL
STUDENT_MODULES
STUDENT_ID
VARCHAR(8) NOT NULL
PRIMARY KEY
FOREIGN KEY REFERENCES
STUDENTS(STUDENT_ID)
MODULE ID
VARCHAR(8) NOT NULL
PRIMARY KEY
FOREIGN KEY REFERENCES
MODULES(MODULE_ID)
LECTURERS
LECTURER_ID
VARCHAR(8) NOT NULL
PRIMARY KEY
LECTURER_NAME
VARCHAR(40) NOT NULL
LECTURER_SURNAME VARCHAR(40) NOT NULL
O The Independent Institute of Education (Pty) Ltd 2021
Page 3 of 10
19, 20; 21
2021
LECTURER_MODULES
MODULE_ID
VARCHAR(8) NOT NULL
PRIMARY KEY
FOREIGN KEY REFERENCES
MODULES(MODULE_ID)
LECTURER_ID
VARCHAR(8) NOT NULL
PRIMARY KEY
FOREIGN KEY REFERENCES
LECTURERS(LECTURER_ID)
Chapter 6 Solutions
Practical Management Science, Loose-leaf Version
Ch. 6.3 - Prob. 1PCh. 6.3 - Prob. 2PCh. 6.3 - Solve Problem 1 with the extra assumption that the...Ch. 6.3 - Prob. 4PCh. 6.3 - Prob. 5PCh. 6.3 - Prob. 6PCh. 6.3 - Prob. 7PCh. 6.3 - Prob. 8PCh. 6.3 - Prob. 9PCh. 6.3 - Prob. 10P
Ch. 6.4 - Prob. 11PCh. 6.4 - Prob. 12PCh. 6.4 - Prob. 13PCh. 6.4 - Prob. 14PCh. 6.4 - Prob. 15PCh. 6.4 - Prob. 16PCh. 6.4 - Prob. 17PCh. 6.4 - Prob. 18PCh. 6.4 - Prob. 19PCh. 6.4 - Prob. 20PCh. 6.4 - Prob. 21PCh. 6.4 - Prob. 22PCh. 6.4 - Prob. 23PCh. 6.5 - Prob. 24PCh. 6.5 - Prob. 25PCh. 6.5 - Prob. 26PCh. 6.5 - Prob. 28PCh. 6.5 - Prob. 29PCh. 6.5 - Prob. 30PCh. 6.5 - In the optimal solution to the Green Grass...Ch. 6.5 - Prob. 32PCh. 6.5 - Prob. 33PCh. 6.5 - Prob. 34PCh. 6.5 - Prob. 35PCh. 6.6 - Prob. 36PCh. 6.6 - Prob. 37PCh. 6.6 - Prob. 38PCh. 6 - Prob. 39PCh. 6 - Prob. 40PCh. 6 - Prob. 41PCh. 6 - Prob. 42PCh. 6 - Prob. 43PCh. 6 - Prob. 44PCh. 6 - Prob. 45PCh. 6 - Prob. 46PCh. 6 - Prob. 47PCh. 6 - Prob. 48PCh. 6 - Prob. 49PCh. 6 - Prob. 50PCh. 6 - Prob. 51PCh. 6 - Prob. 52PCh. 6 - Prob. 53PCh. 6 - Prob. 54PCh. 6 - Prob. 55PCh. 6 - Prob. 56PCh. 6 - Prob. 57PCh. 6 - Prob. 58PCh. 6 - Prob. 59PCh. 6 - Prob. 60PCh. 6 - Prob. 61PCh. 6 - Prob. 62PCh. 6 - Prob. 63PCh. 6 - Prob. 64PCh. 6 - Prob. 65PCh. 6 - Prob. 66PCh. 6 - Prob. 67PCh. 6 - Prob. 68PCh. 6 - Prob. 69PCh. 6 - Prob. 70PCh. 6 - Prob. 71PCh. 6 - Prob. 72PCh. 6 - Prob. 73PCh. 6 - Prob. 74PCh. 6 - Prob. 75PCh. 6 - Prob. 76PCh. 6 - Prob. 77PCh. 6 - Prob. 78PCh. 6 - Prob. 79PCh. 6 - Prob. 80PCh. 6 - Prob. 81PCh. 6 - Prob. 82PCh. 6 - Prob. 83PCh. 6 - Prob. 84PCh. 6 - Prob. 85PCh. 6 - Prob. 86PCh. 6 - Prob. 87PCh. 6 - Prob. 88PCh. 6 - Prob. 89PCh. 6 - Prob. 90PCh. 6 - Prob. 91PCh. 6 - Prob. 92PCh. 6 - This problem is based on Motorolas online method...Ch. 6 - Prob. 94PCh. 6 - Prob. 95PCh. 6 - Prob. 96PCh. 6 - Prob. 97PCh. 6 - Prob. 98PCh. 6 - Prob. 99PCh. 6 - Prob. 100PCh. 6 - Prob. 1CCh. 6 - Prob. 2CCh. 6 - Prob. 3.1CCh. 6 - Prob. 3.2CCh. 6 - Prob. 3.3CCh. 6 - Prob. 3.4CCh. 6 - Prob. 3.5CCh. 6 - Prob. 3.6C
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.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%.arrow_forwardSeas Beginning sells clothing by mail order. An important question is when to strike a customer from the companys mailing list. At present, the company strikes a customer from its mailing list if a customer fails to order from six consecutive catalogs. The company wants to know whether striking a customer from its list after a customer fails to order from four consecutive catalogs results in a higher profit per customer. The following data are available: If a customer placed an order the last time she received a catalog, then there is a 20% chance she will order from the next catalog. If a customer last placed an order one catalog ago, there is a 16% chance she will order from the next catalog she receives. If a customer last placed an order two catalogs ago, there is a 12% chance she will order from the next catalog she receives. If a customer last placed an order three catalogs ago, there is an 8% chance she will order from the next catalog she receives. If a customer last placed an order four catalogs ago, there is a 4% chance she will order from the next catalog she receives. If a customer last placed an order five catalogs ago, there is a 2% chance she will order from the next catalog she receives. It costs 2 to send a catalog, and the average profit per order is 30. Assume a customer has just placed an order. To maximize expected profit per customer, would Seas Beginning make more money canceling such a customer after six nonorders or four nonorders?arrow_forwardMaximizationProblems and Minimization problems ***When using the simplex method, what is the difference between maximizing and minimizing?arrow_forward
- Using Goal Seek for the following problem, how much is needed for John to deposit each year into an account to save $5,000 for his new Specialized Mountain bike. Assumes both deposit and withdrawal are at beg of each year Deposit = Interest= Yr 0 Yr 1 Yr 2 Beg Balance $0.00 $0.00 $0.00 Deposit $0.00 $0.00 -$5,000.00 Interest Earned 8% $0.00 $0.00 na End Balance $0.00 $0.00 -$5,000.00arrow_forwardA linear programming computer package is needed. Hilltop Coffee manufactures a coffee product by blending three types of coffee beans. The cost per pound and the available pounds of each bean are as follows. Bean Cost per Pound Available Pounds 1 2 3 1 $0.50 $0.70 2 $0.45 3 Consumer tests with coffee products were used to provide ratings on a scale of 0-100, with higher ratings Indicating higher quality. Product quality standards for the blended coffee require a consumer rating for aroma to be at least 75 and a consumer rating for taste to be at least 80. The Individual ratings of the aroma and taste for coffee made from 100% of each bean are as follows: Bean Aroma Rating Taste Rating 75 85 60 85 450 87 550 74 350 Assume that the aroma and taste attributes of the coffee blend will be a weighted average of the attributes of the beans used in the blend. (a) What is the minimum-cost blend (In pounds) that will meet the quality standards and provide 1,000 pounds of the blended coffee…arrow_forward(b) Indicate whether the following linear program is an all-integer linear program or a mixed-integer linear program. Max 3x1 + 4x2 s.t. 2x1 + 4x2 2 8> 2x1 + 6x2 2 12 x1, x2 2 0 and integer This is a Max s.t. Write the LP Relaxation for the problem but do not attempt to solve. If required, round your answers to one decimal place. Its LP Relaxation is 2x1 + x1, x2 linear program. xz x1 + 6x21arrow_forward
- Company aims to determine the optimal number of products to be produced in order to maximize the total profit. a) Formulate the problem using algebraic method. b) Solve the model using the graphical method (indicate optimal solution and profit). C) again). Use graphical method to determine the shadow price for each of these resources (based on the definition of shadow price and by increasing each resource by one unit and solving the problem d) Use the Excel solver to do parts b and c. e) follow: Using Solver Table generate the optimal solution and the total profit for each resource as e1: Consider unit profit for product 1 (use range from 0 to 4 and increment of 1) e2: Consider unit profit for product 2 (use range from 0 to 4 and increment of 1) е3: Consider simultaneous changes for both unit profits in part e1 and e2 using given ranges. e4: Consider available resource of Raw material 1 (use range from 2 to 14 and increment of 1) e5: Consider available resource of Raw material 2 (use…arrow_forwardCA Corporate has an available funds of $200,000 is considering for new investment opportunities. The investment portfolio of a variety of stocks has relevant financial data as follows: Stocks A B с D Price per share ($) 100 50 80 40 Annual rate of return 0.12 0.08 0.06 0.10 0.10 0.07 0.05 0.08 Risk measure per dollar invested (Higher values indicate greater risk) The risk measure provided by the firm's top financial advisor, indicates the relative uncertainty associated with the stock regarding the realization of its projected annual rate of return. Top management of CA Corporate has stipulated the following investment guidelines: 1. The annual rate of return for the portfolio must be at least 9%. 2. No one stock can count for more than 50% of the total dollar investment. For this overall situation, develop a linear programming model to yield an investment portfolio which minimizes total risk. What is the total risk and the total return, if the amount to be invested in stocks A, C and…arrow_forwardHi... I'm having trouble with the following: Min Jee wants to combine the sales data from each of the art fairs. Switch to the Combined Sales worksheet, and then update the worksheet as follows: In cell A5, enter a formula without using a function that references cell A5 in the Madison Copy the formula from cell A5 to the range A6:A8 without copying the formatting. In cell B5, enter a formula using the SUM function, 3-D references, and grouped worksheets that totals the values from cell B5 in the Chicago:Madison Copy the formula from cell B5 to the range B6:B8 without copying the formatting. Copy the formulas and the formatting from the range B5:B8 to the range C5:E8. (Hint: You can ignore the error about empty cells because Min Jee will enter the Madison sales data later.)arrow_forward
- In the spreadsheet model shown below, an analyst makes the following data entries. Cell B3 B4 B5 B6 Value 110,000 83,000 82,000 92,000 A 1 Revenue 2 Month Change (%) n/a Revenue 3 January 4 February 5 March =(B4-B3)/B3 =(B5-B4)/B4 6 April =(B6-B5)/B5 What values will be shown in the following cells? (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) Cell Value C4 C5 % C6 %arrow_forwardCreate spreadsheets and use Solver to determine the correct volumes to be produced to minimize cost for the following problem. Your company has two trucks that it wishes to use on a specific contract. One is a new truck the company is making payments on, and one is an old truck that is fully paid for. The new truck’s costs per mile are as follows: 54₵ (fuel/additives), 24₵ (truck payments), 36₵ (driver), 12₵ (repairs), and 1₵ (misc.). The old truck’s costs are 60₵ (fuel/additives), 0₵ (truck payments), 32₵ (rookie driver), 24₵ (repairs), and 1₵ (misc.). The company knows that truck breakdowns lose customers, so it has capped estimated repair costs at $14,000. The total distance involved is 90,000 miles (to be divided between the two trucks).arrow_forwardFrober 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?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,