A machine shop manufactures two types of bolts. The bolts require time on each of the three groups of machines, but the time required on each group differs, as shown in the table below. Type I Type II Machine 1 0.2 min 0.2 min Machine 2 0.6 min 0.2 min Machine 3 0.04 min. 0.08 min Production schedules are made up one day at a time. In a day, 300, 720, and 100 minutes are available, respectively, on these machines. Type I bolts sell for 15¢ and type II bolts for 20¢. (a) How many of each type of bolt should be manufactured per day to maximize revenue? (b) What is the maximum revenue? (c) Suppose the selling price of type I bolts began to increase. Beyond what amount would this price have to increase before a different number of each type of bolts should be produced to maximize revenue?
A machine shop manufactures two types of bolts.
The bolts require time on each of the three groups of machines,
but the time required on each group differs, as shown in the
table below.
Type I Type II
Machine 1 0.2 min 0.2 min
Machine 2 0.6 min 0.2 min
Machine 3 0.04 min. 0.08 min
Production
300, 720, and 100 minutes are available, respectively, on these
machines. Type I bolts sell for 15¢ and type II bolts for 20¢.
(a) How many of each type of bolt should be manufactured
per day to maximize revenue?
(b) What is the maximum revenue?
(c) Suppose the selling price of type I bolts began to increase.
Beyond what amount would this price have to increase
before a different number of each type of bolts should be
produced to maximize revenue?
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 1 images
