$4 Radico produces two types of radios. The only scarce resource that is needed to produce radios is labor. At present the company has two laborers. Laborer 1 is willing to work up to 40 hrs/wk and is paid $5/hr. Laborer 2 will work up to 50 hrs/wk for $6/hr. The price as well as resources to build each type of radio is given in the following table: Resource Radio 1 Radio 2 Price $25 $22 Laborer 1 1 hour 2 hours Laborer 2 2 hours 1 hourse Raw materials $5 Letting xi = number of type i radios (i=1,2) produced each week, Radico should solve the following LP Max z = 3x + 2 x (The coefficients in the objective function are profits for each radio) s.t. X1 + 2 x2s 404 2X1 + X2550 X1, X220 a. Find the total cost (labor raw material) for each radio b. Describe each of the constraints in the LP formulation. c. Solve the LP problem graphically. d. For what values of the price of a Type 1 radio would the current basis be optimal? e. For what values of the price of a Type 2 radio would the current basis be optimal? $4 Radico produces two types of radios. The only scarce resource that is needed to produce radios is labor. At present the company has two laborers. Laborer 1 is willing to work up to 40 hrs/wk and is paid $5/hr. Laborer 2 will work up to 50 hrs/wk for $6/hr. The price as well as resources to build each type of radio is given in the following table: Resource Radio 1 Radio 2 Price $25 $22 Laborer 1 1 hour 2 hours Laborer 2 2 hours 1 hourse Raw materials $5 Letting xi = number of type i radios (i=1,2) produced each week, Radico should solve the following LP Max z = 3x + 2 x (The coefficients in the objective function are profits for each radio) s.t. X1 + 2 x2s 404 2X1 + X2550 X1, X220 a. Find the total cost (labor raw material) for each radio b. Describe each of the constraints in the LP formulation. c. Solve the LP problem graphically. d. For what values of the price of a Type 1 radio would the current basis be optimal? e. For what values of the price of a Type 2 radio would the current basis be optimal