A company sells sets of kitchen knives. A Basic Set consists of 2 utility knives and 1 chef's knife. A Regular Set consists of 2 utility knives,1 chef's knife, and 1 slicer. A Deluxe Set consists of 3 utility knives, 1 chef's knife, and 1 slicer. The profit is $20 on a Basic Set, $40 on aRegular Set, and $50 on a Deluxe Set. The factory has on hand 800 utility knives, 400 chef's knives, and 200 slicers.(a) If all sets will be sold, how many of each type should be made up in order to maximize profit? What is the maximum profit?(b) A consultant for the company notes that more profit is made on a Regular Set than on a Basic Set, yet the result from part (a)recommends making up more Basic Sets than Regular Sets. She is puzzled how this can be the best solution. How would you respond?(a) Find the objective function to be used to maximize profit. Let x, be the number of Basic Sets, let x₂ be the number of Regular Sets, andlet x3 be the number of Deluxe Sets.What is the objective function?z = 20 x₁ + 40 x₂ + 50 x₁(Do not include the $ symbol in your answers.)To maximize profit, the company should make up Basic Sets, Regular Sets, and Deluxe Sets.(Simplify your answers.)

Linear programming is a mathematical method used to find the best possible outcome or solution from…

Answered: A company sells sets of kitchen knives.…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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