What would the maximum possible profit be

Assignment Help Econometrics
Reference no: EM13185419

Susanna Nanna is the production manager for a furniture manufacturing company. The company produces tables (X) and chairs (Y). Each table generates a profit of $80 and requires 3 hours of assembly time and 4 hours of finishing time. Each chair generates $50 of profit and requires 3 hours of assembly time and 2 hours of finishing time. There are 360 hours of assembly time and 240 hours of finishing time available each month.The following linear programming problem represents this situation.

The optimal solution is X=0, and Y=120

A)What would the maximum possible profit be?

B)How many house of assembly time would be used to maximize profit?

C)If a new constraint, 2X+2Y<400, were added, what would happen to the maximum possible profit?

Reference no: EM13185419

Questions Cloud

Self-strengthening movement : How is the representing intellectual trend in the Qing period, the Evidential Studies, related to the Self-Strengthening Movement?
Social security game to solve the social security problem : Play the social security game to solve the Social Security problem. Detail your choices, noting the why's of your choices and also discuss the effects on the stability of employment, inflation, and GDP as a result.
Philosophy of the reformists : Does the eventual failure of the Self-Strengthening Movement have something to do with the philosophy of the reformists?
Fame method to communicate with its employees : How can a company like CarMax, which faces significant challenges during a recession, use the FAME method to communicate with its employees?
What would the maximum possible profit be : Susanna Nanna is the production manager for a furniture manufacturing company. The company produces tables (X) and chairs (Y). Each table generates a profit of $80 and requires 3 hours of assembly time and 4 hours of finishing time. Each chair gen..
Adult education including biological-psychological : Analyze fundamental principles of adult education including biological, psychological, sociocultural, and cognitive factors
Political-economic and social reasons-18th century : What was the best colony in North America to immigrate to during the 18th century from Europe (political, Economic, social reasons)?
In the case of cherokee nation vs. georgia-supreme court : In the case of Cherokee Nation vs. Georgia, the Supreme Court:
Collection of intelligence in a security department, and why : How important is the collection of intelligence in a security department, and why?

Reviews

Write a Review

 

Econometrics Questions & Answers

  What is the probability that he or she is a coalition voter

Suppose it is known that 45% of the population are Coalition voters, 45% are ALP voters, and 10% vote for Greens.

  Determine the concentration ratio in the industry

There are six companies in the industry. Assume their sales in the year 2006 are as follows, Determine the concentration ratio in the industry

  Calculate the simplified equation for net marginal benefits

The state of Connecticut is well known for its almandine garnet. The Almandine Garnet Mine has plans to extract 80 tons over the next two years. The production benefits and costs are: MB = 40 ? 0.1Q MC = 36 + 0.25Q Assume..

  Discuss the role of federal reserve in economy

This answer give vital hints on why the Federal Reserve establish general and specific rates of interest. This explains the recent tools the Federal Reserve has used to influence the United States economy.

  Determine the optimal two-part pricing strategy

You are the manager of a monopoly. A typical consumer's inverse demand function for your firm's product is P = 250 - 40Q, and your cost function is C(Q) = 10Q. a. Determine the optimal two-part pricing strategy. Per-unit fee: $ Fixed fee: $

  Calculate the irr on home using companys insulated concrete

A typical 2,000 sq. ft. home using standard concrete forms costs $120 per square foot to construct and uses $300 per month average to heat and cool. Calculate the IRR on a home using your company's insulated concrete forms on a typical 2,000 sq. f..

  What will demand for labor be for a nominal wage

the Marginal product of labor (measured in units of output) for a firm is:MPN = A(100 - N) Where A measures productivity and N is the number of labor hours used in production. The price of output is $2.00 per unit. if A = 1, what will demand for labo..

  What price can he pay for the bond

A person buys a $1,000 face value bond 2 years after its issue. He intends to keep it until its maturity date, which is 18 years from now. This bond pays 6% annually. What price can he pay now for the bond so that his investment earns 8%?

  Estimate for the true daily weight gain

Agri-Beef Inc. operates cattle feed lots in several midwestern states. The company wishes to estimate the average daily weight gain of cattle on their lots. To do this a simple random sample of cattle is taken and the daily weight gain is recorde..

  What is the level of output q that maximizes profit

Assume that the firm's marginal cost is given by MC = 0.2q + 3. What is the level of output q that maximizes profit? b) Assume the total cost is given by TC = 0.1q^2 + 3q + 10. Calculate the firm's profit. c) Graph these results and label firm's s..

  What would be your profit per bushel of rice

Explain how you could make a profit from this situation. What would be your profit per bushel of rice If other people exploit the same opportunity, what would happen to the price of rice in Japan and the price of rice of rice in the United States..

  Is there any involuntary unemployment at any wage

certification roughly equivalent to a high school diploma. The demand schedule for new hires with le bac and the supply schedule for similarly credentialed new job seekers are given in the accompanying table. The price here- given in euros, the cu..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd