Determining optimal solution

Assignment Help Basic Statistics
Reference no: EM1311209

Consider the following LP problem:

Maximize profit = 1X1 + 1X2

Subject to 2X1 + 1X2 ≤ 100

                 1X1 + 2X2 ≤ 100

a) What is the optimal solution to this problem? Solve it graphically.

b) If a technical breakthrough occurred that raised the profit per unit of X1 to $3, would this affect the optimal solution?

c) Instead of an increase in the profit coefficient Xto $3, suppose the profit was overestimated and should have only been $1.25. Does this change the optimal solution?

Reference no: EM1311209

Questions Cloud

Find the total cost of serving : The activity-based costing system and find the total cost of serving each of the following parties of diners? a. A party of four diners who three drinks in total.
Profit maximizing behavior of natural monopoly : Compute total revenue, marginal revenue, marginal cost, and average total cost of this natural monopoly. What is the profit maximizing output and price for this natural monopoly when the government does not regulate it?
Designing a linear programming problem : Design a Linear programming problem for the flair Furniture Company and find the combination of tables and chairs that the company must produce to maximize profits.
Low-volume product under activity-based costing : Describe why overhead cost shifted from the high-volume product to the low-volume product under activity-based costing.
Determining optimal solution : If a technical breakthrough occurred that raised the profit per unit of X 1  to $3, would this affect the optimal solution?
Find the unit product cost of each product : Assume that the company decides to use activity-based costing to apply overhead cost to products. Find the unit product cost of each product.
Behavior of average product and marginal product : Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
Computation of net present value of the project : Computation of net present value of the project and Determine the net present value of the projects based on a zero discount rate
Find the activity rate for each activity cost pool : Find the activity rate for each activity cost pool. Also compute the amount of overhead cost that would be applied to each product.

Reviews

Write a Review

 

Basic Statistics Questions & Answers

  Find the confidence interval for the mean

How strong is the evidence against the company's claim? Based on these data, the P -value of the appropriate test

  Compute the expected value of perfect information

Suppose the probability of the worst-case scenario increases Compute the expected value of perfect information

  Major benefit of two-way anova over several one-way anova

A major benefit of two-way ANOVA over several one-way ANOVAs, If an F test for interaction is significant.

  Probability distribution

Probability distribution described by the following density curve and The expected value of the sum of the weights of the two oranges, in pounds

  Correlation between the amount spent and gender

At a large department store, the amount a shopper spent and the shopper's gender (male or female) were recorded. To determine if gender is useful in explaining the amount of money a shopper spends at the store we could

  Bias of a statistic refers to

The mean of a sample is 22.5. The mean of 1000 bootstrapped samples is 22.491. The bias of the bootstrap mean is

  Example on natural logarithm

where p is the binomial probability of returning a completed survey, and log is the natural logarithm. The multiple logistic regression output from fitting this model is given below.

  Freedom for the two-sample t procedures

It has been claimed that women live longer than men; however, men tend to be older than their wives. Ages of sixteen husbands and wives from England were obtained. These data should be analyzed with a

  Mean of the data represented in this stemplot

Consider the following stemplot.  The mean of the data represented in this stemplot ?

  Linear programming models

LINEAR PROGRAMMING MODELS

  Find five number summary for the midterm exam

The student with the 92 found a grading error on her exam and her correct grade was 95. There were no other grading errors. After correcting this student's paper, the five number summary for the midterm exam will be

  Questions based on binomial distribution

Questions based on binomial distribution, variance of the binomial distribution, discrete random variable and continuous random variables.

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