Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please use LINDO to sove: You own a wheat warehouse with a capacity of 20,000 bushels. At the beginning of month 1 you have 6000

Please use LINDO to sove:

You own a wheat warehouse with a capacity of 20,000 bushels. At the beginning of month 1 you have 6000 bushels of wheat. Each month, wheat can be bought and sold at the price per bushel shown in the table below:

Month

Selling Price $

Purchase Price $

1

3

8

2

6

8

3

7

2

4

1

3

5

4

4

6

5

3

7

5

3

8

1

2

9

3

5

10

2

5

At the beginning of each month you observe the amount of wheat you have on hand. You first sell some quantity ranging from zero to the entire amount that you have. You then buy as much wheat as you wish subject to the constraint that the amount you buy plus the unsold portion of the months beginning inventory cannot exceed the warehouse capacity. Formulate and solve an LP to find the amounts bought and sold each month so that the net revenue at the end of 10 months is maximized.

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

More Books

Students also viewed these Accounting questions