Question
You are a jeweler who sells necklaces and rings. Each necklace takes 4 ounces of gold and 2 diamonds to produce, each ring takes 1
You are a jeweler who sells necklaces and rings. Each necklace takes 4 ounces of gold and 2 diamonds to produce, each ring takes 1 ounce of gold and 3 diamonds to produce. You have 80 ounces of gold and 90 diamonds. You make a profit of 60 dollars per necklace you sell and 30 dollars per ring you sell, and want to figure out how many necklaces and rings to produce to maximize your profits. (a) Formulate this problem as a linear programming problem and find the solution (state the cost-function, linear constraints, and all vertices except for the origin). (b) Suppose instead that the profit per necklace is C dollars and the profit per ring remains at 30 dollars. For each vertex you listed in the previous part, give the range of C values for which that vertex is the optimal solution.
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