Concept explainers
a)
To determine: The profit of the firm.
Introduction: In linear programming, the unbounded solution would occur when the objective function is infinite. If no solution satisfied the constraints, then it is said to be an unfeasible solution.
b)
To draw: The graph for part (a) of the solution.
Introduction: In linear programming, the unbounded solution would occur when the objective function is infinite. If no solution satisfied the constraints, then it is said to be an unfeasible solution.
c)
To determine: The cost that the firm would pay for each extra unit of wood.
Introduction: In linear programming, the unbounded solution would occur when the objective function is infinite. If no solution satisfied the constraints, then it is said to be an unfeasible solution.
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Chapter 3 Solutions
Practical Management Science
- apply appropriate techniques to solve a range of models of mathematical and real-world problems analyse the effects of changing model parameters on LP model predictions * select and develop appropriate mathematical models for decision making problems (a) A stationary supplies company wishes to produce deluxe and budget ink pens. Deluxe ink pens require eight units of material and 9 minutes to produce each pen. Budget ink pens require six units of material and 4 minutes to produce each pen. The company has 38.25 hours of labour and 1950 units of material available per week. Profit for deluxe ink pens is $2.40 per pen and for budget ink pens is $1.75 per pen. The company also wants the number of deluxe ink pens to be produced to be at least 6 times the number of budget ink pens produced. Formulate a Linear Programming problem to determine the company's best production plan to maximise profit (do not solve). (b) Solve the following Linear Programming problem using the Simplex Method. Full…arrow_forward48- The maximum number of sales that can occur in a given period to an individual or businesses that are willing to sell in a given market is known as: a. Product demand b. Market potential c. Market demand d. All the options are correctarrow_forwardExcel Solver pleasearrow_forward
- 1. Construct a 2-by2 contingency table to determine the total number of people who fail the screening test and will be referred for diagnostic testing in the hearing centers. 2. Construct a 2-by-2 contingency table to determine the total number of people who fail the diagnostic test, which represents the target market for hearing aid sales.arrow_forwardWHAT WLL HAPPEN IF THERE IS A CHANGE IS ONE OF THE OBJECTIVE FUNCTION COEFFICIENT? A. SLOPE OF THE OBJECTIVE FUNCTION LINE ALWAYS WILL CHANGE B. OPTIMAL SOLUTION ALWAYS WILL CHANGE C. ONE OR MORE OF THE DECISION VARIABLES ALWAYS WILL CHANGE D. ALL OF THE ABOVE E. NONE OF THE ABOVEarrow_forwardThe following data relate the sales figure of the bar in Mark Kaltenbach's small bed- and -breakfast inn in portland, to the number of guest registered that week: week guests bar sales 1 16 $320 2 12 $265 3 18 $390 4 14 $315 a) the simple linear equation that relates bar sales to the number of guests ( not totime) is (round your response to one decimal place) Bar sales=[__]+[__]X guestarrow_forward
- To better plan for future growth of the restaurant, Karen needs to develop a system that will enable her to forecast food and beverage sales by month for up to one year in advance. Table shows the value of food and beverage sales ($1000s) for the first three years of operation. Food and Beverage Sales for the Vintage Restaurant ($1000s) Month First Year Second Year Third Year January 242 263 282 February 235 238 255 March 232 247 265 April 178 193 205 May 184 193 210 June 140 149 160 July 145 157 166 August 152 161 174 September 110 122 126 October 130 130 148 November 152 167 173 December 206 230 235 Managerial Report Perform an analysis of the sales data for the Vintage Restaurant. Prepare a report for Karen that summarizes your findings, forecasts, and recommendations. Include the following: A time series plot. Comment on the underlying pattern in the time series.…arrow_forwardIdentify which type of analysis best fits each of the following descriptions. Requires the use of a computer Allows for probabilities to be assigned Includes the use of break-even analysis options; SCENARIO SENSITIVITY SIMULATIONarrow_forwardWhat does limited problem solving require?arrow_forward
- Correct and detailed answer will be Upvoted else downvoted. No plagarism pleasearrow_forwardInteger Linear Programming Problem: Identify decision variable, objective function and constraints MODEL only. Please explain thanks! Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely.arrow_forwardWhich of the following statements about what-if analysis is TRUE? Multiple Choice Changes in an objective function coefficient will always lead to changes in decision variable values. Changes to constraint right-hand side values will always lead to changes in decision variable values. Changes in an objective function coefficient will never lead to changes in decision variable values. Changes to constraint right-hand side values will never lead to changes in decision variable values. None of the answer choices is correct.arrow_forward
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,