Your farm encompasses 600 acres, and you are planning to grow soybeans, corn, and wheat in the coming planting season. Fertilizer costs per acre are: $5 forsoybeans, $2 for corn, and $1 for wheat. You estimate that each acre of soybeans will require an average of 5 hours of labor per week, while tending to corn andwheat will each require an average of 2 hours per week. Based on past yields and current market prices, you estimate a profit of $6,000 for each acre ofsoybeans, $4,000 for each acre of corn, and $2,000 for each acre of wheat. You can afford to spend no more than $3,600 on fertilizer, and your farm laborerscan supply 3,600 hours per week. How many acres of each crop should you plant to maximize total profits?soybeanscornswheatacre(s)acre(s)acre(s)In this event, will you be using all the available labor?YesNo

Given that: Total acres of farm = 600 acres Cost of fertilizer for soybeans per acre = $5 Cost of…

Answered: Your farm encompasses 600 acres, and…

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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A manufacturer of Bluetooth headphones examines the historical demand of its product and learns that the average monthly demand is about 3,090 headphones but varies between 2,350 and 4,100 headphones. Each pair of the headphones has a retail price of $120. The monthly fixed production cost ranges from $5,500 to $6,500, with an average of $6,000. The average variable cost of producing a pair of headphones is $35, but because the manufacturing process is not fully automated, the variable cost may vary between $31 and $39 per pair. Develop a risk analysis model to answer the following questions. What is the monthly profit from the Bluetooth headphones for the most likely, pessimistic, and optimistic scenarios? The company notices that during the holiday season in December, the demand tends to be higher than in other months. Historically, the demand in December is about 3,578 pairs on average, but also ranges from 2,535 to 4,757 pairs. What is the December profit for the most…
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