Practical Management Science
5th Edition
ISBN: 9781305734845
Author: WINSTON
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 6, Problem 81P
Summary Introduction
To determine: The maximum total rent that can be earned.
Introduction: The variation between the present value of the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Author: Leo A. Ruggle, Professor, Department of Accounting, Mankato State University
Arnie Armstrong has been with Pierce Auto Parts Manufacturing Company for 23 years. Recently, he was appointed Director of Manufacturing Computer Services. In just six weeks in this new position, [he] has moved to reduce the amount of information provided to manufacturing department managers by 60 percent. He argues that excess data is distracting, unused, and expensive to provide.
Willy McClean has been department manager for 12 years. During a coffee break with some of his department production supervisors, Willy is quite vocal about the change. “Who’s this guy Armstrong to tell us what data we need? He needs to be out here for a few weeks to find out what it’s like. Keep it quiet, but I’ve got a contact in Computer Services who’ll get me all the data analyses I want for just a $20 bill each month. It’s a good deal, and Armstrong will never know. How does he expect us to make good decisions about…
Green Vehicle Inc. manufactures electric cars and small delivery trucks. It has just opened a new factory where the C1 car and the T1 truck can both be manufactured. To make either vehicle, processing in the assembly shop and in the paint shop are required. It takes 1/40 of a day and 1/60 of a day to paint a truck of type T1 and a car of type C1 in the paint shop, respectively. It takes 1/50 of a day to assemble either type of vehicle in the assembly shop. A T1 truck and a C1 car yield profits of $300 and $220, respectively, per vehicle sold.
a) Define the objective function and constraint equations.
b) Graph the feasible region.
c) What is a maximum-profit daily production plan at the new factory?
d) How much profit will such a plan yield, assuming whatever is produced is sold?
money borrowed for personal reasons; to be repaid within
a specific time frame and with added interest
money borrowed for the purchase of real estate; to be
repaid within a specific time frame and with added interest
money borrowed for business reasons; to be repaid within
a specific time frame and with added interest
money borrowed for the purchase of a vehicle; to be
repaid within a specific time frame and with added interest
: Business Loan
:: Auto Loan
:: Mortgage Loan
:: Personal Loan
1
4
6.
8.
9.
Finish
Si
Chapter 6 Solutions
Practical Management Science
Ch. 6.3 - Prob. 1PCh. 6.3 - Prob. 2PCh. 6.3 - Solve Problem 1 with the extra assumption that the...Ch. 6.3 - Prob. 4PCh. 6.3 - Prob. 5PCh. 6.3 - Prob. 6PCh. 6.3 - Prob. 7PCh. 6.3 - Prob. 8PCh. 6.3 - Prob. 9PCh. 6.3 - Prob. 10P
Ch. 6.4 - Prob. 11PCh. 6.4 - Prob. 12PCh. 6.4 - Prob. 13PCh. 6.4 - Prob. 14PCh. 6.4 - Prob. 15PCh. 6.4 - Prob. 16PCh. 6.4 - Prob. 17PCh. 6.4 - Prob. 18PCh. 6.4 - Prob. 19PCh. 6.4 - Prob. 20PCh. 6.4 - Prob. 21PCh. 6.4 - Prob. 22PCh. 6.4 - Prob. 23PCh. 6.5 - Prob. 24PCh. 6.5 - Prob. 25PCh. 6.5 - Prob. 26PCh. 6.5 - Prob. 28PCh. 6.5 - Prob. 29PCh. 6.5 - Prob. 30PCh. 6.5 - In the optimal solution to the Green Grass...Ch. 6.5 - Prob. 32PCh. 6.5 - Prob. 33PCh. 6.5 - Prob. 34PCh. 6.5 - Prob. 35PCh. 6.6 - Prob. 36PCh. 6.6 - Prob. 37PCh. 6.6 - Prob. 38PCh. 6 - Prob. 39PCh. 6 - Prob. 40PCh. 6 - Prob. 41PCh. 6 - Prob. 42PCh. 6 - Prob. 43PCh. 6 - Prob. 44PCh. 6 - Prob. 45PCh. 6 - Prob. 46PCh. 6 - Prob. 47PCh. 6 - Prob. 48PCh. 6 - Prob. 49PCh. 6 - Prob. 50PCh. 6 - Prob. 51PCh. 6 - Prob. 52PCh. 6 - Prob. 53PCh. 6 - Prob. 54PCh. 6 - Prob. 55PCh. 6 - Prob. 56PCh. 6 - Prob. 57PCh. 6 - Prob. 58PCh. 6 - Prob. 59PCh. 6 - Prob. 60PCh. 6 - Prob. 61PCh. 6 - Prob. 62PCh. 6 - Prob. 63PCh. 6 - Prob. 64PCh. 6 - Prob. 65PCh. 6 - Prob. 66PCh. 6 - Prob. 67PCh. 6 - Prob. 68PCh. 6 - Prob. 69PCh. 6 - Prob. 70PCh. 6 - Prob. 71PCh. 6 - Prob. 72PCh. 6 - Prob. 73PCh. 6 - Prob. 74PCh. 6 - Prob. 75PCh. 6 - Prob. 76PCh. 6 - Prob. 77PCh. 6 - Prob. 78PCh. 6 - Prob. 79PCh. 6 - Prob. 80PCh. 6 - Prob. 81PCh. 6 - Prob. 82PCh. 6 - Prob. 83PCh. 6 - Prob. 84PCh. 6 - Prob. 85PCh. 6 - Prob. 86PCh. 6 - Prob. 87PCh. 6 - Prob. 88PCh. 6 - Prob. 89PCh. 6 - Prob. 90PCh. 6 - Prob. 91PCh. 6 - Prob. 92PCh. 6 - This problem is based on Motorolas online method...Ch. 6 - Prob. 94PCh. 6 - Prob. 95PCh. 6 - Prob. 96PCh. 6 - Prob. 97PCh. 6 - Prob. 98PCh. 6 - Prob. 99PCh. 6 - Prob. 100PCh. 6 - Prob. 1CCh. 6 - Prob. 2CCh. 6 - Prob. 3.1CCh. 6 - Prob. 3.2CCh. 6 - Prob. 3.3CCh. 6 - Prob. 3.4CCh. 6 - Prob. 3.5CCh. 6 - Prob. 3.6C
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- Seas Beginning sells clothing by mail order. An important question is when to strike a customer from the companys mailing list. At present, the company strikes a customer from its mailing list if a customer fails to order from six consecutive catalogs. The company wants to know whether striking a customer from its list after a customer fails to order from four consecutive catalogs results in a higher profit per customer. The following data are available: If a customer placed an order the last time she received a catalog, then there is a 20% chance she will order from the next catalog. If a customer last placed an order one catalog ago, there is a 16% chance she will order from the next catalog she receives. If a customer last placed an order two catalogs ago, there is a 12% chance she will order from the next catalog she receives. If a customer last placed an order three catalogs ago, there is an 8% chance she will order from the next catalog she receives. If a customer last placed an order four catalogs ago, there is a 4% chance she will order from the next catalog she receives. If a customer last placed an order five catalogs ago, there is a 2% chance she will order from the next catalog she receives. It costs 2 to send a catalog, and the average profit per order is 30. Assume a customer has just placed an order. To maximize expected profit per customer, would Seas Beginning make more money canceling such a customer after six nonorders or four nonorders?arrow_forwardCodeword Codeword is a medium-size firm that designs and manufactures electronic systems for the mass transit industry. It competes with other firms to win contracts to provide such systems. When Codeword receives a contract, it creates a project to complete the work. Most projects range from $10 million to $50 million in cost and from one to three years in duration. Codeword can have 6 to 12 projects going on at any one time, in various stages of completion—some just starting and others finishing. Codeword has a handful of project managers who report to the general manager; other people report to their functional manager. For example, the electronics engineers all report to the manager of electrical engineering, who reports to the general manager. The functional manager assigns particular individuals to work on various projects. Some people work full-time on a project, whereas others split their time among two or three projects. Although individuals are assigned to work for a project…arrow_forwardA political party is planning a ninety-minute television show. The show will have at least 9 minutes of direct requests for money from viewers. Three of the party's politicians will be on the show- a senator, a congresswoman, and a governor. The senator, a party "elder statesman," demands that he be on screen for at least twice as long as the governor. The total time taken by the senator and the governor must be at least twice the time taken by the congresswoman. Based on a pre-show survey, it is believed that 37, 41, and 45 (in thousands) viewers will watch the program for each minute the senator, congresswoman, and governor, respectively, are on the air. Find the time that should be allotted to each politician in order to get the maximum number of viewers. Find the maximum number of viewers. The quantity to be maximized, z, is the number of viewers in thousands. Let x, be the total number of minutes allotted to the senator, × be the total number of minutes allotted to the…arrow_forward
- A project has the following cash flow pattern in years 0 through 5: -3000, -1000, X, 2X, 4X, 6x. If the required rate of return is 10%, the minimum value of "X" at which the project is accepted will be: Hint: You can use Chapter2_help spreadsheet and use goal seek method or use NPV formula to find the value of "X" that lead to NPV = 0. Excel will not recognize "X", "2X", etc. as an input so you will need to input a value for first "X", create formula, and use goal seek to find the final answer. TBI I U m Use the editor to format your answer Word count: 0arrow_forwardA political party is planning a half-hour television show. The show will have at least 3 minutos of direct requests for money from viowers Three of the party's politicians will be on the show-a senator, a congresswoman, and a governor The senator, a party "elder statesman," demands that he be on screen for at least twice as long as the governor The total time taken by the senator and the governor must be at least twice the time taken y the congresswoman Based on a pre-show survey, it is believed that 33, 38, and 43 (in thousands) viewers will watch the program for each minute the senator, congresswoman, and governor, respectively, are on the air. Find the time that should be allotted to each politician in order to get the maximum number of viewers Find the maximum number of viewers The quantity to be maximized, z, is the number of viewers in thousands. Let x, be the total number of minutes allotted to the senator, x, be the total number of minutes allottod to the congresswoman, and x,…arrow_forwardThe Mechanical Engineering department has a student team that is designing a formula car for national competition. The time required for the team to assemble the first car is 100 hours. Their improvement (or learning rate) is 0.8, which means that as output is doubled, their time to assemble a car is reduced by 20%. Use this information to determine: the time it will take the team to assemble the 10th car. Create an excel spreadsheet having the following table. You must show the formula used in the excel sheets to calculate values in the columns. Plot Number of Units vs Time (in hours) and Number of Units vs Cumulative Time (in hours) in the same plot. Use different colors to distinguish the data.arrow_forward
- The Mechanical Engineering department has a student team that is designing a formula car for national competition. The time required for the team to assemble the first car is 100 hours. Their improvement (or learning rate) is 0.8, which means that as output is doubled, their time to assemble a car is reduced by 20%. Use this information to determine: the time it will take the team to assemble the 10th car. Create an excel spreadsheet having the following table. You must show the formula used in the excel sheets to calculate values in the columns. Plot Number of Units vs Time (in hours) and Number of Units vs Cumulative Time (in hours) in the same plot. N (no of Units) Time to Produce Nth Cumulative Time (1 to N) 1 2 3 4 5 6 7 8 9 10arrow_forwardGreen Vehicle Inc., manufactures electric cars and small delivery trucks. It has just opened a new factory where the C1 car and the T1 truck can both be manufactured. To make either vehicle, processing in the assembly shop and in the paint shop are required. It takes 1/25 of a day and 1/75 of a day to paint a truck of type T1 and a car of type C1 in the paint shop, respectively. It takes 1/50 of a day to assemble either type of vehicle in the assembly shop. AT1 truck and a C1 car yield profits of $325 and $250, respectively, per vehicle sold. The aim of the objective function for Green Vehicle Inc. should be to Maximize the objective value. The optimum solution is: Number of trucks to be produced per day = 12.50 (round your response to two decimal places). Number of cars to be produced per day = 37.50 (round your response to two decimal places). Optimal solution value =(round your response to two decimal places).arrow_forwardFinco has the following investments available:Investment A For each dollar invested at time 0, we receive $0.10 at time 1 and $1.30 at time 2. (Time 0 =now;time= 1 one year from now; and so on.)Investment B For each dollar invested at time 1, we receive $1.60 at time 2.Investment C For each dollar invested at time 2, we receive $1.20 at time 3.At any time, leftover cash may be invested in T-bills, whichpay 10% per year. At time 0, we have $100. At most, $50can be invested in each of investments A, B, and C. Formulate an LP that can be used to maximize Finco’s cash onhand at time 3.arrow_forward
- Green Vehicle Inc., manufactures electric cars and small delivery trucks. It has just opened a new factory where the C1 car and the T1 truck can both be manufactured. To make either vehicle, processing in the assembly shop and in the paint shop are required. It takes 1/40 of a day and 1/60 of a day to paint a truck of type T1 and a car of type C1 in the paint shop, respectively. It takes 1/50 of a day to assemble either type of vehicle in the assembly shop. AT1 truck and a C1 car yield profits of $325 and $220, respectively, per vehicle sold. The aim of the objective function for Green Vehicle Inc. should be to Maximize the objective value. The optimum solution is: Number of trucks to be produced per day = 240 (round your response to two decimal places).arrow_forwardGreen Vehicle Inc., manufactures electric cars and small delivery trucks. It has just opened a new factory where the C1 car and the T1 truck can both be manufactured. To make either vehicle, processing in the assembly shop and in the paint shop are required. It takes 1/25 of a day and 1/60 of a day to paint a truck of type T1 and a car of type C1 in the paint shop, respectively. It takes 1/45 of a day to assemble either type of vehicle in the assembly shop. A T1 truck and a C1 car yield profits of $300 and $220, respectively, per vehicle sold. The aim of the objective function for Green Vehicle Inc. should be to Maximize the objective value. Part 2 The optimum solution is: Number of trucks to be produced per day = ? enter your response herearrow_forwardGreen Vehicle Inc., manufactures electric cars and small delivery trucks. It has just opened a new factory where the C1 car and the T1 truck can both be manufactured. To make either vehicle, processing in the assembly shop and in the paint shop are required. It takes 1/25 of a day and 1/60 of a day to paint a truck of type T1 and a car of type C1 in the paint shop, respectively. It takes 1/45 of a day to assemble either type of vehicle in the assembly shop. A T1 truck and a C1 car yield profits of $300 and $220, respectively, per vehicle sold. The optimum solution is: Number of trucks to be produced per day = ? (round your response to two decimal places).arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,