1. 1. You arrive at a new assignment as a plant manager (likely in Poughkeepsie, NY).A review of the plant's receipts shows that labor is purchased for $15 per worker and capitalis rented for $500perunit.Discussions with a foreman reveals that a new unit of labor will generate 3 additional unitsof output while a new unit of capital will generate 50 additional units of output.Make a recommendation on adjusting the inputs in this plant to maximize the entire firm'sprofits. Justify your answer.

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Answered: You arrive at a new assignment as a…

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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Part III. On Assignment Method Five production operators of Texas Instruments Baguio are to be assigned, one each to five machines. Find the cost of allocation of the variable to the five production operators. Production Operators Machines A C D E 1 74 52 66 64 90 50 44 78 68 48 3 62 70 52 56 72 84 36 56 80 46 58 38 76 54 84
Q.2: You are the Vice President of Aisha Steel Mills, Karachi. Rewrite the following extract from an informal business letters as a formal message to Mr. Younus, the Head of the Workshop/Seminar Committee, The Hague Events, Islamabad: Dear Younus,Thank you for your letter of January 21. Unfortunately, I won’t be able to attend your workshop inIslamabad. Could you please send me some information on future workshops planned?If you need to contact me, please do not hesitate to do so on my mobile, 9233xxxxxxxx.Sincerely,Your NameNote: Add all the details required to make your message complete, considerate, and clear. The messagemust be concise; not more than two short paragraphs. Write the message only.
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Question 2: A manufacturing company produces 2 products, air conditioners and fan heaters: Each air-conditioner requires 3 hrs of wiring and 2 hrs drilling. Each heater needs 2 hrs wiring and 1 hr drilling. During the next production period, there are 240 hrs of wiring time available and 140 hours of drilling time. Each air-conditioner sold yields a profit of 25€. Each heater can be sold for 15€. Formulate this production-mix Linear Programming problem and find the combination of air-conditioners and heaters which gives the most profit.
Question 1 Given the following payoff table with the profits ($m), a firm might expect alternative investments (A, B, C) under different levels of interest rate. payoffs as profits states of nature decision alternatives 1(5%) 2(7%) 3(9%) A 14 22 6 B 19 18 11 C 12 17 15 a. Use the alternative method to verify EVPI NOW ASSUME THAT THE PAYOFFS ARE COSTS ANSWER THE FOLLOWING: b. What is the most the firm should be willing to pay to obtain further (perfect) information (EVPI)? c. Use the alternative method to verify EVPI. Please answer all three parts of Question 1.
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