A farmer acquired 290 acres of land to grow wheat, barley and/or rye. The farmer has...

 

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A farmer acquired 290 acres of land to grow wheat, barley and/or rye. The farmer has a budget of $50,000 and a workforce available of 6400 hours for the season. Costs, profits, and labor requirements. are as follows: Wheat Barley Rye points The farmer has a contract to supply wheat to a local client for the equivalent of 45 acres of wheat production. Due to limited demand, a marketing study recommended that no more than 100 acres should be utilized for each product during the season. The objective is to determine the number of acres to grow wheat, barley and rye to maximize total profit given the constraints. point point point point point point point Cost ($/acre) Profit ($/acre) Labor (hours/acre) 122 45 12 82 18 61 16 185 146 Enter Formulation in yellow cells below Objective Function Subject To: Constraint 1 Constraint 2 Constraint 3 Constraint 4 Constraint 5 Constraint 6 Constraint 7 Constraint 8 Set up the problem on a different sheet. Solve the problem using SOLVER, making sure to generate the Answer Report and Sensitivity Report How much is the total profit? The farmer is considering either buying more land or increasing his budget. What would you recommend? Buy more land <-enter 'Yes' or 'No' If 'Yes', how much more? If 'Yes', how much more? Increase budget <-enter 'Yes' or 'No' Wheat Barley Rye After the first season, the farmer was able to improve growing methods such that costs and profits are now: Cost ($/acre) Profit ($/acre) 113 170 134 49 88 75 Set up the problem on a different sheet Solve the problem using SOLVER, making sure to generate the Answer Report and Sensitivity Report How much is the new total profit? <--- enter the number of acres to buy <- enter the amount ($) of budget increase A farmer acquired 290 acres of land to grow wheat, barley and/or rye. The farmer has a budget of $50,000 and a workforce available of 6400 hours for the season. Costs, profits, and labor requirements. are as follows: Wheat Barley Rye points The farmer has a contract to supply wheat to a local client for the equivalent of 45 acres of wheat production. Due to limited demand, a marketing study recommended that no more than 100 acres should be utilized for each product during the season. The objective is to determine the number of acres to grow wheat, barley and rye to maximize total profit given the constraints. point point point point point point point Cost ($/acre) Profit ($/acre) Labor (hours/acre) 122 45 12 82 18 61 16 185 146 Enter Formulation in yellow cells below Objective Function Subject To: Constraint 1 Constraint 2 Constraint 3 Constraint 4 Constraint 5 Constraint 6 Constraint 7 Constraint 8 Set up the problem on a different sheet. Solve the problem using SOLVER, making sure to generate the Answer Report and Sensitivity Report How much is the total profit? The farmer is considering either buying more land or increasing his budget. What would you recommend? Buy more land <-enter 'Yes' or 'No' If 'Yes', how much more? If 'Yes', how much more? Increase budget <-enter 'Yes' or 'No' Wheat Barley Rye After the first season, the farmer was able to improve growing methods such that costs and profits are now: Cost ($/acre) Profit ($/acre) 113 170 134 49 88 75 Set up the problem on a different sheet Solve the problem using SOLVER, making sure to generate the Answer Report and Sensitivity Report How much is the new total profit? <--- enter the number of acres to buy <- enter the amount ($) of budget increase

Answer rating: 100% (QA)

Objective Function Maximize Total Profit 45W 82B 61R Subject To Constraint 1 Wheat 45 Constraint 2 W... View the full answer