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a) What is Standard Format for this problem? b) What is the production mix and what is the profit? c) What is the reduced cost of product A? What does this mean? d) What is the shadow price on the Rolling Machine? What does this mean?

a) What is Standard Format for this problem? b) What is the production mix and what is the profit? c) What is the reduced cost of product A? What does this mean? d) What is the shadow price on the Rolling Machine? What does this mean?

Practical Management Science
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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A company makes four different products, A, B, C, D. Each requires time on three different machines and each machine has a limited time. Rolling has 28 hours, cutting has 34 hours, and welding has 21 hours. The table lists the time for each machine and profit. A 1.7 Rolling Machine Cutting Machine 1.1 Welding Machine 1.6 Profit 26 Show Transcribed Text B 2.1 2.5 1.3 35 C 1.4 1.7 1.6 25 D 2.4 2.6 0.8 37 a) What is Standard Format for this problem? b) What is the production mix and what is the profit? c) What is the reduced cost of product A? What does this mean? d) What is the shadow price on the Rolling Machine? What does this mean?
Transcribed Image Text:A company makes four different products, A, B, C, D. Each requires time on three different machines and each machine has a limited time. Rolling has 28 hours, cutting has 34 hours, and welding has 21 hours. The table lists the time for each machine and profit. A 1.7 Rolling Machine Cutting Machine 1.1 Welding Machine 1.6 Profit 26 Show Transcribed Text B 2.1 2.5 1.3 35 C 1.4 1.7 1.6 25 D 2.4 2.6 0.8 37 a) What is Standard Format for this problem? b) What is the production mix and what is the profit? c) What is the reduced cost of product A? What does this mean? d) What is the shadow price on the Rolling Machine? What does this mean?
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