Big Sur Taffy Company makes two types of candies: salt water taffy and special home-recipe taffy. Big Sur wants to use a more quantitative approach to decide how much salt water and special taffy to make each day. Molasses, honey, and butter are the main ingredients that Big Sur uses to make taffy candies. For a pound of salt water taffy, Big Sur uses 8 cups of molasses, 4 cups of honey, and 0.7 cup of butter, and the selling price is $7.40/lb. For a pound of special taffy, Big Sur uses 6 cups of molasses, 6 cups of honey, and 0.3 cup of butter, and the selling price is $9.25/lb. Taffy candies are made fresh at dawn each morning, and Big Sur uses ingredients from a very exclusive supplier who delivers 400 cups of molasses, 300 cups of honey, and 32 cups of butter once a day before sunrise.

a.Formulate and solve the LP model that maximizes revenue given the constraints. What is the maximum revenue that Big Sur can generate? How much salt water and home-recipe taffy does Big Sur make each day?(Round your answers to 2 decimal places.)

Molasses Constraint: Binding or Non-Binding? Shadow Price.

Range of Feasibility: From-To

Honey Constraint: Binding or Non-Binding? Shadow Price.

Range of Feasibility: From-To

Butter Constraint: Binding or Non-Binding? Shadow Price.

Range of Feasibility: From-To

b.Identify the binding and nonbinding constraints and report the slack value, as appropriate.(If the answer to constraints is "Non-Binding" enter slack value to 2 decimal places or leave cells blank.)

Molasses Constraint: Binding or Non-Binding? Slack Value?

Honey Constraint: Binding or Non-Binding? Slack Value?

Butter Constraint: Binding or Non-Binding? Slack Value?

c.Report the shadow price and the range of feasibility of each binding constraint.(If the answer to constraints is "Binding" enter the "Shadow price" and "Range of feasibility" to 2 decimal places or leave cells blank.)

Molasses Constraint: Binding or Non-Binding? Shadow Price.

Range of Feasibility: From-To

Honey Constraint: Binding or Non-Binding? Shadow Price.

Range of Feasibility: From-To

Butter Constraint: Binding or Non-Binding? Shadow Price.

Range of Feasibility: From-To

d.What is the range of optimality for the objective function coefficients?(Round your answers to 2 decimal places.)

Range of Optimality for the Objective Function Coefficients

From-To

Salt water taffy:

Home recipe taffy: