Formulate an optimization model for the problem

Assignment Help Econometrics
Reference no: EM13236720

Holiday Fruit Company buys oranges and processes them into gift fruit baskets and fresh juice. The company grades the fruit it buys on a scale from 1 (lowest quality) to 5(highest quality). The following table summarizes Holiday 's current inventory of fruit.
Grade Supply(1000s of lbs)
1 90
2 225
3 300
4 100
5 75
Each pound of oranges devoted to fresh juice results in a marginal profit of $2.50, whereas each pound devoted to fresh juice results in a marginal profit of $1.75. Holiday wants the fruit in its baskets to have an average quality grade of at least 3.75 and its fresh juice to have a average quality grade of at least 2.50.

a. formulate an optimization model for this problem.

b. Implement your model in a spreadsheet and solve it .

c. what is the optimal solution.

Reference no: EM13236720

Questions Cloud

Find the magnitude of the resultant electrical force : Two positive point charges, each of which has a charge of 3.4 × 10?9 C, are located at y= + 0.80m and y= ? 0.80m, Find the magnitude of the resultant electrical force on a charge of 9.0 × 10
Compute the mass percent of nickel nitrate : Calculate the mass percent of nickel (II) nitrate in the solution. Showing how you get the answer is most helpful
Determine what is the economic cost of jens business : Jen left a job paying $60,000 per year to start her own florist shop in a building she owns. The market value of the building is $150,000. She pays $40,000 per year for flowers and other supplies, and has a bank account
Explain what mass of ammonium chloride and nh4cl : What mass of ammonium chloride, NH4Cl, (Ka = 5.6 x 10^-10) must be added to exactly 500mL of 0.10M NH3 solution to give a solution with a pH of 9.00
Formulate an optimization model for the problem : Holiday Fruit Company buys oranges and processes them into gift fruit baskets and fresh juice. The company grades the fruit it buys on a scale from 1 (lowest quality) to 5(highest quality).
Define what is the ph of the solution benzoic acid : What is the pH of the solution that results from adding 30mL of 0.015M KOH to 50mL of 0.015M benzoic acid, Ka = 6.3 x 10^-5
Determine what is the toms weekly budget line : Tom earns $15 per hour for up to 40 hours of work each week. He is pair $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works.
What is the equilibrium number of research assistants : the calculator below shows the labor market for research assistancts in the fictional country of Academia. The equilibrium wage is $10.00 per hour, and the equilibrium number of research assistants is 250
What is q : A charge Q is located inside a rectangular box. The electric flux through each of the six surfaces of the box is, What is Q

Reviews

Write a Review

Econometrics Questions & Answers

  Find the elasticity of demand for laptop computers

Suppose that over the past year, the price of laptop computers has fallen from $2,000 to $1,800. Over the same time period, sales to consumers have increased from 700,000 to 800,000 units. Calculate the elasticity of demand between these two point..

  Calculate the effect on the equilibrium interest rate

Suppose that, as a result of monetary policy actions, the Federal Reserve sells 80 bonds that it holds. A. How does the Federal Reserve policy affect the bond supply equation? B. Calculate the effect on the equilibrium interest rate in this market, ..

  Is the product normal good or inferior good

Assume that demand for a commodity is represented by the equation P = 10 - 0.2 Q d, and supply by the equation P = 2 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium condi..

  How much should the store charge for an annual membership

A local video store estimates that their average customer's demand per year is P = 3.5 - 0.5Q (all customers are identical), and knows that the marginal cost of each rental is $0.5. How much should the store charge for an annual membership

  Find how many surgical kits and part packages of each type

David Christopher is an orthopedic surgeon who specializes in three types of surgery hip, knee, and ankle replacements. the surgery mix is 40 percent hip replacement, 50 percent knee replacement, and 10 percent ankle replacement.

  Determine what is the value of a truckers life implied

U.S. Trucking pays its drivers $40,000 per year, while American Trucking pays its drivers $38,000 per year. For both firms, truck drivers average 240,000 miles per year. For simplicity, assume both firms require driving 60 million miles each year.

  Determine how much cash does tracy take out each time

Solve Tracy's problem of how often to go to the ATM when the nominal interest rate on her bank account is 10 perent, she spends $30 each day, it costs her $.50 each time she uses her ATM, and she thinks that there is a 15 percent chance.

  Compute the monetary value of the deadweight social loss

Externalities-analysis and policy design: Suppose that in a competitive market, demand is given by the equation P = 600 - Q, and supply is given by the equation P = 160 + Q, where P is price and Q is quantity of some good or service.

  What does the increase in the quantity of housing reveal

When the price of a standard three bedroom house increases from $150,000 to $160,000 a building company increases its output from 20 houses per year to 21 houses per year. What does the increase in the quantity of housing reveal about the cost of ..

  What would be the equivalent net savings per machine-hours

you have purchased an equipment costing $20,000. the equipment will be used for two years and at the end of two years its salvage value is expected to be $10,000 the equipment will be used 6,000 hours during the first and 8,000 hours during the se..

  What was the real exchange rate between the uk

Suppose that last year, the nominal exchange rate between the Japanese yen and the British pound was ¥225.0 per £1.0, one unit of Japanese output cost ¥2000, and one unit of British output cost £8.0. What was the real exchange rate between the U.K.

  Which of the two investments is more risky

An individual has to choose between investment A and investment B. The individual estimates that the income an dprobability of the income from each investment are as given in the following table Using Excel statistical tools, ca..

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