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Billy Penny is trying to determine how many units of two types of lawn mowers to produce each day. One of these is the Standard model, while the other is the Deluxe model. The profit per unit on the Standard model is $60, while the profit per unit on the Deluxe model is $40. The Standard model requires 20 minutes of assembly time, while the Deluxe model requires 35 minutes of assembly time. The Standard model requires 10 minutes of inspection time, while the Deluxe model requires 15 minutes of inspection time. The company must fill an order for 6 Deluxe models. There are 450 minutes of assembly time and 180 minutes of inspection time available each day.Formulate as an LP, solve using QM, then interpret your output (the optimal solution, the reduced costs, slack/surplus, dual prices, ranges of feasibility, ranges of optimality)
You and a classmate are assigned a project on which you will receive one combined grade. You each want to receive a good grade, but you also want to avoid hard work. In particular, here is the situation If both of you work hard, you both get an A, ..
Suppose that the Fed's inflation target is 2%, potential output growth is 3.5%, and velocity is a function of how much the interest rate differs from 5%: %^V= 0.5 X (i-5). Suppose that a model of the economy suggests that the real interest rate is..
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below. Qd = 424 - 40P Qs = 40 + 8Pa. What is the equilibrium price and quantity for the industry.
Consider a labour market in which the supply curve is given by: w= 10 + Ls (where w is the wage rate and Ls is the quantity of labour supplied). Further, assume that the demand for labour is given by w = 100 - Ld (where w is the wage rate and Ld i..
For 3 years there was no technological change in Londonland but capital per hour of labor increased from $10 to $20 to $30 and real GDP per hour of labor increased from $3.80 to $5.70 to $7.13. Then, in the 4th year, capital per hour of labor rema..
a pricing analyst for QuantCrunch Corporation, a company that recently spent $10,000 to develop a stastical software package. To date, you only have one client. A recent international study revealed that this client's demand for your software is Q..
Starting with the estimated demand function for Chevrolet: Qc = 100,000 - 100Pc + 2000N + 50I + 30Pf - 1000Pg +3A + 40,000Pi. Assume the average value of the independent variables changes to N= 225 million, I= 12,000, Pf= 10,000, Pg= 100 cents, A=..
wedding plan with cake (c) and champagne (h) - price per glass and slice u(h,c) = h^(1/3)c a) solve foc's to derive the demand functions h(P(subscript h), P(subscript c), M) and c(P(subscript h), P(subscript c), M)
In 1984, Walt Disney brought in Michael Eisner, a Paramount executive as CEO. The firm's board of directors agreed to pay Eisner a salary of $750,000 plus a $750,000 bonus for signing on, plus an annual bonus equal to 2 percent of the dollar amoun..
Assume Firm Y's production function is given by the following Cobb Douglas equation: Q = 0.5 x L0.6 x K0.5 where L denotes labor and K denotes capital. a. Does the production function exhibit increasing, decreasing or constant returns to scale Expl..
Gene Milton borrowed a sum of $5,000 from his uncle Ben and after three years paid a sum of $5,000 and paid another $1,000 after 4 years to pay off the loan. Determine the interest rate Gene paid it the payments were based on yearly compounding.
After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $90,000 worth her art each year. She fo..
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