Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The goal of this lab is to evalute whole farm plans using the template below. Lab Assignment 11 Step 1: Answer Question 1 (on

image text in transcribed

The goal of this lab is to evalute whole farm plans using the template below. Lab Assignment 11 Step 1: Answer Question 1 (on the 'Responses' tab) without using the Solver option in Excel. Step 2: Use the Solver option in Excel to solve for the optimal farm plan and produce reports as needed. Step 3: Answer Questions 2 and 3 (on the 'Responses' tab) after using Solver Step 4: Submit your Excel file with the completed responses before the due date. Enterprises Units Resource Use Cotton (acres) COTTONA Class A cropping Milo (acres) Class B cropping Wheat MILOA (acres) WHEATA Milo (acres) Wheat Cows Livestock Stockers (acres) (head) MILOB WHEATB COWS (head) STKRS Resources Used for Plan acres Class A cropland 1 1 1 0 acres Class B cropland acres Pasture hours Labor 1 1 0.5 0 6 3 0 4 3 2.5 3 2.5 6 1 0 dollars Operating Capital 250 100 80 80 65 470 550 0 acres Cotton rotation req 1 -1 -1 0 VI VI VI VI VI VI Resource Availability 400 200 600 2400 500000 0 Gross Margin Calculation Yield 500 80 52 66 36 Price/Unit 0.8 2.5 3.75 2.5 3.75 Gross income 400 200 195 165 135 675 620 Total Var Cost 250 100 80 80 65 470 550 Gross Margin 150 100 115 85 70 205 70 $0 Objective to Maximize Total Gross Margin Select enterprise levels Legend: Resource available (Data to be entered) Resource use per enterprise (Data to be entered) Intermediate calculations (Calculated by Excel) Decision Variables (To be chosen/entered OR or found using Solver) Results of chosen plan (Calculated by Excel)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Statistics For Business And Economics

Authors: James T. McClave, P. George Benson, Terry T Sincich

12th Edition

032182623X, 978-0134189888, 134189884, 978-0321826237

Students also viewed these General Management questions

Question

Java star pattern creating an arrow

Answered: 1 week ago