A farmer wants to maximize the revenue resulting from the production and harvesting of corn and wheat. For every 100 bushels of corn he produces he receives $265 and for every 100 bushels of wheat he produces he receives $365. However, his production is restricted by the availability of land, capital, and labor. For example, he needs one acre to produce 100 bushels of corn and three acres to produce 100 bushels of wheat, and he can plant a to- tal of 100 acres with these crops. The following table shows the availability of resources and the restrictions placed upon them. Land (acre) Capital (S) Aug. labor (h) Sept. labor (h) Value of output of 100 bushels (S) Input requirements per 100 bushels of Wheat 3 90 2 6 Corn 1 120 1 1 265 365 Available Material 100 9000 200 160 Show the farmer how he can maximize his revenue ie: how many bushels of corn and wheat will maximize his revenue.
A farmer wants to maximize the revenue resulting from the production and harvesting of corn and wheat. For every 100 bushels of corn he produces he receives $265 and for every 100 bushels of wheat he produces he receives $365. However, his production is restricted by the availability of land, capital, and labor. For example, he needs one acre to produce 100 bushels of corn and three acres to produce 100 bushels of wheat, and he can plant a to- tal of 100 acres with these crops. The following table shows the availability of resources and the restrictions placed upon them. Land (acre) Capital (S) Aug. labor (h) Sept. labor (h) Value of output of 100 bushels (S) Input requirements per 100 bushels of Wheat 3 90 2 6 Corn 1 120 1 1 265 365 Available Material 100 9000 200 160 Show the farmer how he can maximize his revenue ie: how many bushels of corn and wheat will maximize his revenue.
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...
Related questions
Question
Show me the work done to come to the answer
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.