Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9. A small firm makes three similar products, which all follow the same three-step process, consisting of milling, inspection, and drilling. Product A requires 12

image text in transcribed
9. A small firm makes three similar products, which all follow the same three-step process, consisting of milling, inspection, and drilling. Product A requires 12 minutes of milling. 5 minutes for inspection, and 10 minutes of drilling per unit; product B requires 10 minutes of milling, 4 minutes for inspection, and 8 minutes of drilling per unit; and product C requires 8 minutes of milling. 4 minutes for inspection, and 16 minutes of drilling. The department has 20 hours available during the next period for milling, 15 hours for inspection, and 24 hours for drilling. Product A contributes $2.40 per unit to profit, product B contributes $2.50 per unit, and product C contributes $3.00 per unit. Determine the optimal mix of products in terms of maximizing contribution to profits for the period. Then, find the range of optimality for the profit coefficient of each variable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wildlife Ecology Conservation And Management

Authors: John M. Fryxell, Anthony R. E. Sinclair, Graeme Caughley

3rd Edition

1118291077, 978-1118291078

More Books

Students also viewed these General Management questions

Question

Describe how to get and give criticism effectively.

Answered: 1 week ago