Finding the objective function: Contribution of Product 1 to Profit is = 15-3 ( 3 ) -2 ( 2 ) -1 ( 1 ) = $1 . Contribution of Product 2 to Profit = 25-4 ( 3 ) -3 ( 2 ) -2 ( 1 ) = $5 Thus firm wishes to maximize z = x 1 + 5 x 2 . Thus the LP for the problem is, Maximize, z =x 1 +5x 2 3x 1 +4x 2 ≤ 100

Question

Want to see the full answer?

Answer 1

Expert Solution & Answer

Chapter 6.8, Problem 6P

Explanation of Solution

Finding the objective function:

Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1.

Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5

Thus firm wishes to maximize z=x1+5x2.

Thus the LP for the problem is,

Maximize, z =x1+5x2

3x1+4x2≤100

Explanation of Solution

b.

Payment the company should make:

The shadow price for both skilled and unskilled labour is 0.

Both the labour constraints are nonbinding also.

The company is not willing to pay $3 for another hour of skilled lab

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Capsim Team PowerPoint Presentations - Slide Title: Key LearningsWhat were the key learnings that you discovered as a team through your Capsim simulation?

Write the SQL code that permits to implement the tables: Student and Transcript. NB: Add the constraints on the attributes – keys and other.

Draw an ERD that will involve the entity types: Professor, Student, Department and Course. Be sure to add relationship types, key attributes, attributes and multiplicity on the ERD.

Answer 2

Expert Solution & Answer

Chapter 6.8, Problem 6P

Explanation of Solution

Finding the objective function:

Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1.

Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5

Thus firm wishes to maximize z=x1+5x2.

Thus the LP for the problem is,

Maximize, z =x1+5x2

3x1+4x2≤100

Explanation of Solution

b.

Payment the company should make:

The shadow price for both skilled and unskilled labour is 0.

Both the labour constraints are nonbinding also.

The company is not willing to pay $3 for another hour of skilled lab

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Expert Solution & Answer

Chapter 6.8, Problem 6P

Explanation of Solution

Finding the objective function:

Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1.

Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5

Thus firm wishes to maximize z=x1+5x2.

Thus the LP for the problem is,

Maximize, z =x1+5x2

3x1+4x2≤100

Explanation of Solution

b.

Payment the company should make:

The shadow price for both skilled and unskilled labour is 0.

Both the labour constraints are nonbinding also.

The company is not willing to pay $3 for another hour of skilled lab

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Expert Solution & Answer

Chapter 6.8, Problem 6P

Explanation of Solution

Finding the objective function:

Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1.

Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5

Thus firm wishes to maximize z=x1+5x2.

Thus the LP for the problem is,

Maximize, z =x1+5x2

3x1+4x2≤100

Explanation of Solution

b.

Payment the company should make:

The shadow price for both skilled and unskilled labour is 0.

Both the labour constraints are nonbinding also.

The company is not willing to pay $3 for another hour of skilled lab

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Expert Solution & Answer

Answer 6

Expert Solution & Answer

Answer 7

Chapter 6.8, Problem 6P

Explanation of Solution

Finding the objective function:

Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1.

Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5

Thus firm wishes to maximize z=x1+5x2.

Thus the LP for the problem is,

Maximize, z =x1+5x2

3x1+4x2≤100

Explanation of Solution

b.

Payment the company should make:

The shadow price for both skilled and unskilled labour is 0.

Both the labour constraints are nonbinding also.

The company is not willing to pay $3 for another hour of skilled lab

Answer 8

Chapter 6.8, Problem 6P

Explanation of Solution

Finding the objective function:

Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1.

Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5

Thus firm wishes to maximize z=x1+5x2.

Thus the LP for the problem is,

Maximize, z =x1+5x2

3x1+4x2≤100

Answer 9

Chapter 6.8, Problem 6P

Explanation of Solution

Finding the objective function:

Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1.

Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5

Thus firm wishes to maximize z=x1+5x2.

Thus the LP for the problem is,

Maximize, z =x1+5x2

3x1+4x2≤100

Answer 10

Explanation of Solution

b.

Payment the company should make:

The shadow price for both skilled and unskilled labour is 0.

Both the labour constraints are nonbinding also.

The company is not willing to pay $3 for another hour of skilled lab

Answer 11

Explanation of Solution

b.

Payment the company should make:

The shadow price for both skilled and unskilled labour is 0.

Both the labour constraints are nonbinding also.

The company is not willing to pay $3 for another hour of skilled lab

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

Ch. 6.1 - Prob. 1P Ch. 6.1 - Prob. 2P Ch. 6.1 - Prob. 3P Ch. 6.1 - Prob. 4P Ch. 6.1 - Prob. 5P Ch. 6.2 - Prob. 1P Ch. 6.2 - Prob. 2P Ch. 6.3 - Prob. 1P Ch. 6.3 - Prob. 2P Ch. 6.3 - Prob. 3P

Solution Summary: The author explains the objective function of Product 1 and Product 2 to maximize profits. If purchased at 1 an extra unit of raw material increases profits by

Concept explainers

Explanation of Solution

Finding the objective function:

Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1.

Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5

Thus firm wishes to maximize z=x1+5x2.

Thus the LP for the problem is,

Maximize, z =x1+5x2

3x1+4x2≤100

Explanation of Solution

b.

Payment the company should make:

The shadow price for both skilled and unskilled labour is 0.

Both the labour constraints are nonbinding also.

The company is not willing to pay $3 for another hour of skilled lab

Want to see the full answer?

Chapter 6 Solutions

Solution Summary: The author explains the objective function of Product 1 and Product 2 to maximize profits. If purchased at 1 an extra unit of raw material increases profits by

Concept explainers

Explanation of Solution

Finding the objective function: Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1. Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5 Thus firm wishes to maximize z=x1+5x2. Thus the LP for the problem is, Maximize, z =x1+5x2 3x1+4x2≤100

Explanation of Solution

b. Payment the company should make: The shadow price for both skilled and unskilled labour is 0. Both the labour constraints are nonbinding also. The company is not willing to pay $3 for another hour of skilled lab

Want to see the full answer?

Chapter 6 Solutions

Finding the objective function:

Contribution of Product 1 to Profit is = 15-3(3)-2 (2)-1(1)= $1.

Contribution of Product 2 to Profit = 25-4(3)-3(2)-2(1)= $5

Thus firm wishes to maximize z=x1+5x2.

Thus the LP for the problem is,

Maximize, z =x1+5x2

3x1+4x2≤100

b.

Payment the company should make:

The shadow price for both skilled and unskilled labour is 0.

Both the labour constraints are nonbinding also.

The company is not willing to pay $3 for another hour of skilled lab