How much should the price of product 2 be increased to make it profitable to produce? How much of product 2 should be produced in the new optimal plan?
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How much should the price of product 2 be increased
to make it profitable to produce? How much of product 2 should
be produced in the new optimal plan?
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- Find the optimal levels of purchase x* and y*Which of the following gives an optimal value of the objective function for the LP model in this problem?A study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function: Q = 5*Staff.34*Beds.64*Drugs.04*Specialists.02, where Q is a measure used by the authors for patient care. Hospital Management has set a target of Q = 50. Suppose input prices are Pstaff = 12, Pbeds = 5, Pdrugs = 15, Pspecialists = 30. Use Excel Solver or otherwise to find the following: How many Staff and Specialists should Hospital Management employ to produce Q = 100 and minimize cost of production for that output? A. 8.293; .195. B. 5.59; .082. C. 9.654; 5.672. D. .20.453; 2.136. E. 18.751; 3.468
- Refer to the production possibilities curves for Chairland and Tableland. Chairland can produce 36 chairs per day and no tables, or 18 tables table per day and no chairs. Tableland can produce 40 chairs per day and no tables, or 40 tables per day and no chairs. If the two countries split the difference between the buyer's willingness to pay for tables and the seller's willingness to accept, in terms of the number of chairs for 1 table, the terms of trade will be . (Enter your response rounded to one decimal place.) Country Quantity per day Opportunity cost of chairs Opportuity cost of tables Tableland 40 chairs, 40 tables 1 table 1 chair Chairland 36 chairs, 18 tables 1/2 table 2 chairsGroup I nesting boxes were well separated from each other and well hidden by availablebrush. There were a total of 480 eggs in group I, of which a field count showed about275 hatched. Group II nesting boxes were placed in highly visible locations and groupedclosely together. There were a total of 874 eggs in group II boxes, of which a field countshowed about 272 hatched. Find a point estimate ˆp1 and ˆp2 for the proportion of eggsthat hatch in group I nest boxes and group II nest boxes. Let p1 and p2 be the populationproportion of hatched count in boxes I and II respectively. Find a 99% confidence intervalfor p1 − p2.(a) List the given information with appropriate symbols.(b) What is the probability distribution of ˆp1−pˆ2, difference between sample proportions?(c) Write the expression for the population mean of ˆp1 − pˆ2 distribution. Use propersymbols. (d) Find the population standard deviation of ˆp1 − pˆ2 distribution. Use proper mathematical symbols.(e) Find the margin of error of…I Example 12.8. A firm uses milling machines, grinding machines and lathes to pro- duce two motor parts. The machining times required for each part, the machining times avail- able on different machines and the profit on each motor part are given below : .Machining time reqd. for the motor part (mts) Max. time. available per week (minutes) Type of machine I II Milling machines Grinding machines Lathes Profit/unit (Rs.) 10 4 2,000 3 2 900 6 12 3,000 100 40 Determine the number of parts I and II to be manufactured per week to maximize the profit.
- Two countries, Korea and Vietnam, are engaging in international trade.They produce two goods: automobiles and cloth. We observe a relativeabundance of cheap labor in Vietnam and a relative abundance of capitalin South Korea. Draw a graph that shows the above situation in South Korean economy with a P P F and two relative prices (one before trade and theother after trade). The quantity of automobiles (QAuto) is on thehorizontal axis and the quantity of cloth (QCloth) is on the verticalaxis.Ross White’s machine shop uses 2500 brackets during the course of a year, and this usage is relatively constant throughout the year. These brackets are purchased from a supplier 100 miles away for $15 each, and the lead time is 2 days. The holding cost per bracket per year is $1.50 (or 10% of the unit cost) and the ordering cost is $18.75. There are 250 working days per year. i) What is Ross White’s optimal order quantity? ii) What is the company’s total cost of inventory?Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your client would like your team to perform a study on customers' gasoline purchasing habits when they notice an increase in the price of gas. You have access to the following groups of people: Group Description Number in Group People who have not noticed a gas-price increase 30 People who drive electric cars 35 People who have recently noticed a gas-price increase 80 People who ride their bikes to work 20 People who ride the bus 100 To set up your experiment on how price-increase awareness impacts customer behavior, you would have ______ people in your treatment group and ______ people in your control group.
- 26) A production manager wants to determine how many units of each product to produce weekly to maximize weekly profits. Production requirements for the products are shown in the following table. What is the optimal number of units for each product and the maximum profit?. Complete the Excel spreadsheet provided and run Solver to calculate the solution and answer the following questions. A. How many units of Product A should be produced? B How many units of Product B should be produced? C. How many units of Product C should be produced? D. What is the Maximum Profit? Material 1 Material 2 Product A Material Cost per unit 3 pounds per unit 2 pounds per unit Selling Price per $101 unit $31 Product B 1 pounds per unit 4 pounds per unit $67 $27 Product C 5 pounds per unit 0 pounds per unit $97.50 $35 Maximum Available 300 pounds 400 pounds5-What ticket price would maximize the airline's revenue?Given that there are more women in the labor force, more women holding advanced degrees, how does the glass ceiling and the second shift contribute to the persistence of gender inequality?