Quiz 2_2023

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Sheridan Technical College *

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29

Subject

Economics

Date

Jan 9, 2024

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pdf

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4

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Quiz 2 Instructor Kim is tired of studying and wants to embark on an independent venture. He's considering selling crackers in the RBS building. His product range includes three types of crackers and two types of muffins. He has decided to work no more than 150 hours per week. Moreover, he is facing financial constraints - he only has a 1,000 dollars budget. Furthermore, his supply capacity is limited to 300 boxes of crackers and 1,200 mixes for muffins per week. (one cracker box contains 2 crackers, one muffin mix can make one muffin) He surely wants to maximize the profit(net). Assume that we define our variables as: C 1 = the amount of Cracker A you produce per week C 2 = the amount of Cracker B you produce per week C 3 = the amount of Cracker C you produce per week M 1 = the amount of Spicy Muffin you produce per week M2 = the amount of Salty Muffin you produce per week
Q1. Choose the most possible equation for the objective function for the given scenario. A. Max Z = 25C 1 + 20C 2 + 12C 3 + 9M 1 + 8M 2 B. Min Z = 25C 1 + 20C 2 + 12C 3 + 9M 1 + 8M 2 C. Max Z = 2.5C 1 + 2.2C 2 + 2.5C 3 + 0.5M 1 + 0.7M 2 D. Min Z = 2.5C 1 + 2.2C 2 + 2.5C 3 + 0.5M 1 + 0.7M 2 E. Neither of the answers are correct. Q2. With the given decision variables, find 'Labor constraint' & 'Budget constraint' . A. Labor: 2.5C 1 + 2.2C 2 + 2.5C 3 + 0.5M 1 + 0.7M 2 150 Budget: 5C 1 + 10C 2 + 8C 3 + 3M 1 + 2M 2 1000 B. Labor: 2.5C 1 + 2.2C 2 + 2.5C 3 + 0.5M 1 + 0.7M 2 1000 Budget: 5C 1 + 10C 2 + 8C 3 + 3M 1 + 2M 2 150 C. Budget: 2.5C 1 + 2.2C 2 + 2.5C 3 + 0.5M 1 + 0.7M 2 150 Labor: 5C 1 + 10C 2 + 8C 3 + 3M 1 + 2M 2 1000 D. Labor: 2.5C 1 + 2.2C 2 + 2.5C 3 + 0.5M 1 + 0.7M 2 150 Budget: 5C 1 + 10C 2 + 8C 3 + 3M 1 + 2M 2 2000 E. Neither of the answers is correct.
Q3. With the given decision variables, find a constraint that represents. ' his supply capacity is limited to 300 boxes of crackers and 1,200 mixes for muffins per week . (one cracker box = 2 crackers, one muffin mix = one muffin)' A. C 1 + C 2 + C 3 500 M 1 + M 2 1200 B. C 1 + C 2 + C 3 300 M 1 + M 2 1200 C. C 1 + C 2 + C 3 600 M 1 + M 2 1200 D. C 1 + C 2 + C 3 1500 M 1 + M 2 600 Q4. Find the optimal Solution. A. 0 ~ 2000 B. 2000 ~ 4000 C. 4000 ~ 6000 D. 6000 ~ 8000 E. 8000 ~ 10000
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Q5. In addition to the above network, Kim decides to add a few more connections. 1. Nebraska can transport item to St. Louis directly. 2. Colorado can transport item to St. Louis directly. Choose the most appropriate constraint for the node 7 (St. Louis) A. x16 + x26 + x36 + x46 + x56 = 100 B. x17 + x27 + x37 + x47 + x57 = 150 C. x17 + x27 + x37 + x47 + x57 = 100 D. x17 + x27 - x37 - x47 - x57 = 150 E. None of the above