Please attach if completed with Excel:
ECON3300 Your Homework must be hand written on unlined white A4 paper with all steps shown including but are not limited to graphs, and statements. Otherwise, students will lose points accordingly. Please treat each question in your homework as a problem solving (or essay) question (one homework can be an excel project though), which means you need to show detailed steps. To make it clear, you must explain the process how you obtain any number that appears in your submission but is not given by the question. Any printed (typed) homework is graded as zero (except the excel one or any other that is required to be typed by the instructor). Submit your homework in one file (pdf, Excel, etc). After you hand write your work on paper, you can scan or take photo of them. But the pictures must be clear enough and be combined in one single file for submission. Homework submission with multiple files will be graded as zero. In each homework, students are requested to put their answers in the same order as the original questions, or you lose 10 points for that assignment. No late submission is accepted, no email submission is accepted. All homework must be submitted under \"Assignment\" in D2L. Please keep at least 4 decimals for your answer. &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Tracksaws, Inc. makes tractors and lawn mowers. The firm makes a profit of $30 on each tractor and $30 on each lawn mower, and they sell all they can produce. The time requirements in the machine shop, fabrication, and tractor assembly are given in the table. 1) (23') Please fill in the blank in the Excel table (Table 1) below (Namely, all the cells that are labeled as X#, where X stands for a letter such as B, C, D, E, F, G, and # stands for a number such as 2, 5, 6, 7, 11, 12, 13) using either numbers, or signs or Excel formulas. For example, you can write \"B5: 20\". profit tractor mower B2 C2 labor hour constraints usage constraint available left over machine shop B5 C5 D5 E5 F5 G5 Fabrication B6 C6 D6 E6 F6 G6 Assembly B7 C7 D7 E7 F7 G7 output tractor= B11 mower= B12 profit= B13 Here is the results from Excel (let's call it Table 2), Please answer the following questions, if you use any numbers from Table 2 to answer the following questions, please indicate where the numbers are coming from. For instance, you can write: the number is from the column of \"reduced cost\" and the row of \"mower\". 2). (10') How many tractors and mowers should be produced as their optimal solution, and how much profit will they make? Please explain how do you obtain your answer from Table 2 above (from example, for which column and which row and what kind of calculation you have taken). 3) (20') Determine the sensitivity range for the profit for tractors (show where you get the number you use in your calculation). If we change the unit profit of mower to $18, holding other things constant, what will happen to the optimal solution as well as the profit (please obtain the value of them)? 4). (15') What is the shadow price for labor hours in the assembly? What is the meaning of it? When the available labor hours in the assembly department is changing in which range would this shadow price be valid, holding other things constant? 5). (8') If each additional labor hour in the machining shop costs $10, would the manager be willing to pay in order to increase profit? Why or why not? You must use numbers obtained from Table 2 (not your feeling or believe) to explain the reason. 6). (24') A breakdown in fabrication causes the available hours to drop from 120 to 90 hours. Holding other things constant, how will this impact the optimal number of tractors and mowers produced? What is the new profit value? Is there any surplus or slack variables in this question? And if there are, what are the value of them after the available hours of labor in fabrication drops from 120 to 90 hours
