Production and Operations Analysis, Seventh Edition
7th Edition
ISBN: 9781478623069
Author: Steven Nahmias, Tava Lennon Olsen
Publisher: Waveland Press, Inc.
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Chapter 3.5, Problem 27P
a.
Summary Introduction
To determine:
Linear program of the problem.
Introduction:
Linear programming is a method to achieve desired outcome in a mathematical model with given constraint.
b.
Summary Introduction
To determine:
Optimal solution for the problem.
Introduction:
Linear programming is a method to achieve desired outcome in a mathematical model with given constraint.
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Suppose years of schooling, s, is the only variable that affects earnings. The equations for the weekly salaries of male and female workers are given bywm = 500 + 100sandwf = 300 + 75sOn average, men have 14 years of schooling and women have 12 years of schooling.a. What is the male-female wage differential in the labor market?b. Using the Oaxaca decomposition, calculate how much of this wage differential is due to discrimination?c. Can you think of an alternative Oaxaca decomposition that would lead to a different measure of discrimination? Which measure is better?
The management of Hartman Company is trying to determine the amount of each of
two products to produce over the coming planning period. The following information concerns
labor availability, labor utilization, and product profitability:
Department
A
B
C
Profit contribution/unit
Labor-Hours Required (hours/unit)
Product 1
Product 2 Hours Available
0.80
0.30
0.30
$30
0.40
0.10
0.10
$15
100
40
60
Develop and solve a linear programming model to determine the optimal production quantities
of products 1 and 2.
4. Which statements are true of optimization?
Select one or more:
a.
It is a general mathematical tool and can be used not only in portfolio optimization but many business problems
b.
When applied in real world setting we often use computers to estimate the optimum numerically rather than doing calculus by hand
c.
One of the earliest applications of optimization to business problems is Augustin Cournot's 1838 duopoly pricing model
d.
Optimization can only ever be as effective as the description of the objective function
e.
The selection of the FOC at zero is an arbitrary choice but allows for the identification of inflection (turning points) in the objective function
f.
When optimizing by hand you differentiate the objective function with respect to the control variables of the economic entity at hand
Chapter 3 Solutions
Production and Operations Analysis, Seventh Edition
Ch. 3.1 - Prob. 1PCh. 3.1 - Prob. 2PCh. 3.1 - Prob. 3PCh. 3.1 - Prob. 4PCh. 3.1 - Prob. 5PCh. 3.1 - Prob. 6PCh. 3.2 - Prob. 7PCh. 3.2 - Prob. 8PCh. 3.2 - Prob. 9PCh. 3.2 - Prob. 10P
Ch. 3.2 - Prob. 11PCh. 3.2 - Prob. 12PCh. 3.3 - Prob. 13PCh. 3.3 - Prob. 14PCh. 3.3 - Prob. 15PCh. 3.3 - Prob. 16PCh. 3.4 - Prob. 17PCh. 3.4 - Prob. 18PCh. 3.4 - Prob. 19PCh. 3.4 - Prob. 20PCh. 3.4 - Prob. 21PCh. 3.4 - Prob. 22PCh. 3.4 - Prob. 23PCh. 3.5 - Prob. 26PCh. 3.5 - Prob. 27PCh. 3.6 - Prob. 29PCh. 3.6 - Prob. 30PCh. 3 - Prob. 31APCh. 3 - Prob. 32APCh. 3 - Prob. 33APCh. 3 - Prob. 34APCh. 3 - Prob. 35APCh. 3 - Prob. 36AP
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