How much should the price of product 2 be increasedto make it profitable to produce? How much of product 2 shouldbe produced in the new optimal plan? 2. Consider a resource allocation (product mix) problem with the follow-ing optimal tableau:13 S1S2S3S1-212-810-212-5811.25-0.5 1.521010 6001

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Answered: How much should the price of product 2…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Suppose that the consumer has available income equal to Y, and the price of the goods is respectively p1 and p2. i. Derive the expressions of the quantities that maximise the utility of the consumer under the budget constraint. ii. Provide a diagram of the optimal solution.
Jester's Deli sells 640 sandwiches at a price of $8 each. A market survey shows that for every $0.10 reduction in price, 40 more sandwiches will be sold. Let x represent the number of $0.10 reductions.
5. A small business enterprise makes dresses and trousers. To make a dress, it requires ½ hour of cutting and 20 minutes of stitching. To make a trouser, it requires 15 minutes of cutting and hour of stitching. The profit on a dress is N$40 and on a pair of trousers N$50. The business operates for a maximum of 8 hours per day Determine how many dresses and trousers should be made to maximize profit and what the maximum profit is. O A The maximum profit is N$800, 10 dresses and 8 trousers OB The maximum profit is N$850, 12 dresses and 6 trousers OC The maximum profit is N$860, 12 dresses and 6 trousers OD The maximum profit is N$880, 12 dresses and 8 trousers

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How much should the price of product 2 be increased to make it profitable to produce? How much of product 2 should be produced in the new optimal plan?