A provincial park issues three different types of passes to its customers (bronze, silver, and gold tickets). Each pass type allows visitors to spend different times in the park and have access to different park amenities. Theprofit margins of the three pass types are $1.00, $3.50, and $12.00 per pass, respectively. The administrative working units required for the three pass types are estimated to be 1, 1, and 4 units, respectively. The monthly administrative working units available are 25000 units. In a typical summer month, the number of visitors was estimated to be 10,000 visitors. Accordingly, the park management decided to issue a total of 10,000 tickets for that month. Based on preliminary market research, the park management also decided to make at least 1500 bronze and 1500 silver passes available for customers. Based on this information, what is the optimal number of each pass type that the park should issue to maximize its profit? Use the simplex method to develop your solution. Question 1A provincial park issues three different types of passes to its customers (bronze, silver, and goldtickets). Each pass type allows visitors to spend different times in the park and have access todifferent park amenities. The profit margins of the three pass types are $1.00, $3.50, and $12.00per pass, respectively. The administrative working units required for the three pass types areestimated to be 1, 1, and 4 units, respectively. The monthly administrative working units availableare 25000 units.In a typical summer month, the number of visitors was estimated to be 10,000 visitors.Accordingly, the park management decided to issue a total of 10,000 tickets for that month. Basedon preliminary market research, the park management also decided to make at least 1500 bronzeand 1500 silver passes available for customers. Based on this information, what is the optimalnumber of each pass type that the park should issue to maximize its profit? Use the simplex methodto develop your solution.

Let x1, x2, and x3 be the number of bronze, silver, and gold passes to be issued. Max Z = 1 x1 + 3.5…

Answered: A provincial park issues three…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

A provincial park issues three different types of passes to its customers (bronze, silver, and gold tickets). Each pass type allows visitors to spend different times in the park and have access to different park amenities. The

profit margins of the three pass types are $1.00, $3.50, and $12.00 per pass, respectively. The administrative working units required for the three pass types are estimated to be 1, 1, and 4 units, respectively. The monthly administrative working units available are 25000 units.

In a typical summer month, the number of visitors was estimated to be 10,000 visitors. Accordingly, the park management decided to issue a total of 10,000 tickets for that month. Based on preliminary market research, the park management also decided to make at least 1500 bronze and 1500 silver passes available for customers. Based on this information, what is the optimal number of each pass type that the park should issue to maximize its profit? Use the simplex method to develop your solution.