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Please help answering the two different problems. Thank you!!! A company manufactures paring knives and pocket knives. Each paring knife requires 3 labor-hours, 7 units
Please help answering the two different problems. Thank you!!!
A company manufactures paring knives and pocket knives. Each paring knife requires 3 labor-hours, 7 units of steel, and 4 units of wood. Each pocket knife requires 6 labor-hours, 5 units of steel, and 3 units of wood. The profit on each paring knife is $3, and the profit on each pocket knife is $5. Each day the company has available 96 labor-hours, 143 units of steel, and 108 units of wood. Suppose that the number of labor-hours that are available each day is increased by 27 . Use sensitivity analysis to determine the effect on the optimal number of knives produced and on the profit. The company should produce paring knives and pocket knives each day for a profit of $ A company manufactures paring knives and pocket knives. Each paring knife requires 3 labor-hours, 7 units of steel, and 4 units of wood. Each pocket knife requires 6 labor-hours, 5 units of steel, and 3 units of wood. The profit on each paring knife is $3, and the profit on each pocket knife is $5. Each day the company has available 78 labor-hours, 119 units of steel, and 111 units of wood. Suppose that the number of labor-hours that are available each day is increased by h. For what values of h will a change of h labor-hours not change the shadow price of labor? The shadow price of labor will not change for h (Simplify your answers.)
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