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WidgetsRUs is deciding on a widget production schedule for the next three days. They currently have 0 widgets in inventory and they are looking to satisfy a demand of 100 widgets at the end of day 3. Worker 1 is scheduled to work on days 1 and 2 and Worker 2 is scheduled to work on days 2 and 3. Each worker produces 3 widgets an hour, and is allowed to work at most 14 hours on a single day and at most 24 hours over the three day production period. Further, the total labor (hours worked by both workers) on any day cannot exceed 20 hours. On day 1 the workers are paid $10 an hour, on day 2 they are paid $8 an hour and on day 3 the workers are paid $7 an hour. Find a labor schedule for both workers which minimizes labor costs while still meeting the 100 units of demand at the end of day 3. Formulate the problem as a linear program. Solve the problem in excel and use the sensitivity report to answer the following questions which you may assume are all independent. • You receive a request for an extra 2 widgets at price of $3 per widget (assume the additional profit from this sale would be $6). Should you increase production to 102 widgets? • How much does the hourly wage on day 1 need to decrease in order to start producing on day 1 in the optimal solution?
Discuss how you can use the laws of demand and supply to explain the following scenarios: Scenario 1: After world gasoline prices jumped in the late 2000s, global bicycle sales rose to more than 1 million per month.
As a manager of a chain of movie theaters that are monopolies in their respective markets, you have noticed much higher demand on weekends than during the week. You therefore conducted a study that has revealed two different demand curves at your mov..
a university spent 1.8 million to install solar panels atop a parking garage. these panels will have a capacity of
When the price of bananas is 50 cents a pound, the total demand is 100 pounds. If the price elasticity of demand for bananas is −2, what quantity would be demanded if the price rose to 55 cents a pound?
Elasticity is a measurement of how much a change in price of a product or service will affect a change in the quantity demanded or supplied of that same product or service. The product or service can be unit elastic, inelastic, or elastic. Why is the..
Assume the Bills have the chance to offer a season ticket that is good for all eight home games, a partial season ticket that is good.
Brenda Johnson has used a preprinted form that she got from the internet to create her will.
q1. when the federal government decreases the individual and corporate income tax rates?q2. between sweezy oligopoly
Suppose without trade, country A produces and consumes 100 units of widgets at a price of $10 each. Illustrate what is the total gain or loss from trade for country A.
"The ratio of capital accounts to total assists is only one of many factors that indicate the financial condition of a commercial bank." Evaluate this statement
The Marginal Rate of Product Substitution (MRPS) is the rate that one output must be decreased as production of the other output is increased. The most common form of MRPS is?
In country X land is relatively abundant and labor is relatively scarce. In the short run after trade opens which of the following groups will not gain?
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