Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A garden store prepares various grades of pine bark for mulch: nuggets ( x 1 ) , mini - nuggets ( x 2 ) ,
A garden store prepares various grades of pine bark for mulch: nuggets mininuggets and chips The process requires pine bark, machine time, labor time, and storage space. The following model has been developed.
Maximize
Subject
Subject to
Bark pounds
Machine minutes
Labor hours
Storage bags
a What is the marginal value of a pound of pine bark? Round your answer to decimal places.
The marginal value of a pound of bark is
Over what range is this price value appropriate?
This marginal value is in effect from
Ibs, to
lbs of bark.
b What is the maximum price the store would be justified in paying for additional pine bark? Round your answer to decimal ploces.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started