A restaurant owner has at most 100 pounds of ground beef which he can use for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A restaurant owner has at most 100 pounds of ground beef which he can use for making hamburgers and slices of meat loaf. Each hamburger contains pound of ground beef and each slice of meat loaf contains pound of ground beef. He makes a profit of 10 cent on each hamburger, while he makes a profit of 15 cent on each slice of meat loaf. Labor cost for producing a hamburger and a slice of meat loaf are 5 cent and 12 cent, respectively. The restaurant owner wants the number of hamburgers made to be more or equal than the number of meat loaf. He also decided that the total number of hamburgers and meat loaf should be at least 50. If he is willing to pay at most $30 for the labor costs of producing these two items, find the number of hamburgers and the number of slices of meat loaf that will maximize his profits. 1) Determine the decision variables. 2) Determine the constraints. 3) Formulate a linear programming model. 4) Define: a) Optimum solution b) Optimum value c) Slack variable d) Range of Optimality e) Range of Feasibility f) Shadow Price g) Binding Constraints h) Non-binding constraints i) Feasible Region 5) Transform the linear programming model in (3) to standard form. 6 Using graphical method analyse the phrases defined in (4) 7) In graphical method analysis, when it comes to simultaneous changes for coefficients of objective function: a) Give one example where the optimal solution is applicable b) Give one example where the optimal solution is not applicable 8) In graphical method analysis, when it comes to simultaneous changes for RHS of constraints: a) Give one example where the shadow price is applicable b) Give one example where the shadow price is not applicable 9) Interpret all your finding correspond to the problem given. A restaurant owner has at most 100 pounds of ground beef which he can use for making hamburgers and slices of meat loaf. Each hamburger contains pound of ground beef and each slice of meat loaf contains pound of ground beef. He makes a profit of 10 cent on each hamburger, while he makes a profit of 15 cent on each slice of meat loaf. Labor cost for producing a hamburger and a slice of meat loaf are 5 cent and 12 cent, respectively. The restaurant owner wants the number of hamburgers made to be more or equal than the number of meat loaf. He also decided that the total number of hamburgers and meat loaf should be at least 50. If he is willing to pay at most $30 for the labor costs of producing these two items, find the number of hamburgers and the number of slices of meat loaf that will maximize his profits. 1) Determine the decision variables. 2) Determine the constraints. 3) Formulate a linear programming model. 4) Define: a) Optimum solution b) Optimum value c) Slack variable d) Range of Optimality e) Range of Feasibility f) Shadow Price g) Binding Constraints h) Non-binding constraints i) Feasible Region 5) Transform the linear programming model in (3) to standard form. 6 Using graphical method analyse the phrases defined in (4) 7) In graphical method analysis, when it comes to simultaneous changes for coefficients of objective function: a) Give one example where the optimal solution is applicable b) Give one example where the optimal solution is not applicable 8) In graphical method analysis, when it comes to simultaneous changes for RHS of constraints: a) Give one example where the shadow price is applicable b) Give one example where the shadow price is not applicable 9) Interpret all your finding correspond to the problem given.
Expert Answer:
Related Book For
Managerial accounting
ISBN: 978-0471467854
1st edition
Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin
Posted Date:
Students also viewed these accounting questions
-
Formulate a linear programming model for Problem 34 in Chapter 1 and solve using the computer. How does this solution differ from the solution to Problem 34 in Chapter 1?
-
Are foreign markets likely to be more or less efficient than U.S. markets? What effect does this have on bid-ask spreads and the ability to absorb large transactions?
-
If John is willing to pay $6.00 for a gallon of gas to get ton work, it costs Casey's Gas Station $3.50 to provide that gallon ofn gas, and the current market price of gas is $3.75 then how muchn...
-
M1 is a way to measure... a) the level of bank reserves b) a country's money supply c) the level of savings in a country d) a country's economic potential
-
The standard cost of product 777 includes 2 units of direct materials at $6.00 per unit. During August, the company bought 29,000 units of materials at $6.30 and used those materials to produce...
-
Fifty students were asked how many hours they studied this weekend. Here are their answers: Make (a) A frequency table. (b) A histogram. (c) Describe the general shape of the distribution. 11,2, 0,...
-
\(\{7,13,36\}\) Find the least common multiple of the given set of numbers.
-
Little 6, Inc. an accounting firm, forecasts the following weekly workload during the tax season: Corporate tax returns each require 4 hours of an accountants time, and personal returns each require...
-
. AP 13-6 (Comprehensive Corporate Tax Payable) Fancom Inc. is an Alberta corporation that qualifies as a CCPC. For the taxation year ending December 31, 2021, the components of its net income an...
-
Ethan is the leader of a team with N members. He has assigned an error score to each member in his team based on the bugs that he has found in that particular team member's task. Because the error...
-
Little Timmy has fallen down the well! To get him out, rescue workers lower a rope attached to a machine and Timmy ties it around his waist. The machine reels in the rope at a slow steady rate. Timmy...
-
A system for which \([k]\) is positive and \([\mathrm{m}]\) is positive definite is called a(n) a. semidefinite system b. positive-definite system c. indefinite system
-
Regression coefficients estimated using shrinkage estimators are biased. Why might these biased estimators yield more accurate predictions than an unbiased estimator?
-
The Routh-Hurwitz criterion can be used to investigate the a. convergence of a system b. oscillations of a system c. stability of a system
-
Cross-validation uses in-sample observations. How does it estimate the MSPE for out-of-sample observations, even though the econometrician does not have those observations?
-
Suppose a data set with 10 variables produces a scree plot that is flat. What does this tell you about the correlation of the variables? What does this suggest about the usefulness of using the first...
-
The ethics of care may help managers utilize. Choose the correct option: a. deontological principles. b. the stakeholder perspective. c. utilitarianism. d. the principle of rights.
-
1. Following are information about Alhadaf Co. Cost incurred Inventory Purchases Sales Adverting expense Salary Expense Depreciation Beginning Inventory Ending Inventory Amount 118,000 350.000 90,000...
-
What is a weighted unit contribution margin ?
-
How does the problem of managing companies resemble the problem a pilot faces when flying a jetliner?
-
Charlie Stumpf manufactures and sells high-quality, handmade wooden toys. Charlie began the current year with zero inventories. During the year, Charlie produced toys that consumed $24,000 in...
-
Sandys mother works for Arf, a nationwide chain of dog kennels. She is receiving company stock as part of her employee retirement plan. She wants to track the stocks performance to see how her...
-
Explain how the calculations that involve a companys earnings might help you to make a decision about buying or selling a particular stock.
-
What are characteristics of full-service, discount, and online brokerage firms in terms of service and cost?
Study smarter with the SolutionInn App