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...
icon
Related questions
Question
Show me the work done to come to the answer
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.
Transcribed Image Text: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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 4 images

Blurred answer
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Business in Action
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
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…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.