Suppose you are a cattle producer who is attempting to increase the weight of your cattle...
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Suppose you are a cattle producer who is attempting to increase the weight of your cattle by 300 pounds to bring them up to market weight. Since you have already negotiated a fixed price for these cattle once they are at market weight, your objective is to minimize the cost of getting the cattle up to their market weight. Having consulted with an animal nutrition specialist, they advise that you can get these cattle up to market weight by meeting the nutritionist's minimum specified weekly nutritional requirements. These nutritional requirements must meet minimum standards for carbohydrates, proteins, and vitamins. The minimum requirements for each of these nutritional supplements are listed below in Table 1. In order to get the cattle up to weight, you have three types of feeds you can use. Feed 1 consists of a corn diet, feed 2 consists of a mixed grain diet, and feed 3 consists of an alfalfa diet. In order to meet the nutritional requirements of the cattle, you can use any combination of the feeds you would like. The cost of each type of feed and the nutritional contents of each are listed in Table 1. Table 1: Nutritional Contents, Feed Requirements, and Costs Nutritional Component Carbohydrates Proteins Vitamins Cost Per Pound Bag of Corn 9,900 3,300 1,100 $42 Bag of Grain 2,200 8,800 2,200 $36 Bale of Hay MacBook Air 4,400 6,600 6,600 $30 Minimum Weekly Nutritional Requirement 22,000 19,800 16,500 Given the information above please answer the following questions. 1. Please write a mathematical model for this problem.. 2. Can you solve this model using the graphical method? Why or why not? 3. Please develop a spreadsheet model for this problem. Use the guidelines for building good spreadsheets. 4. Please explain which cells are the changing cells, the data cells, and the target cells. 5. What is the cost you get when you examine the solution of 1 bag of corn, 2 bag of grain, and 2 bales of alfalfa? 6. Using solver, please find the cost minimizing solution to the problem, i.e., the number of bales and bags? 7. What is the minimum cost of purchasing the cost minimizing solution? 8. How much money do you ave using the cost minimizing solution over the solution given in question 5? Problem C: Suppose you are a cattle producer who is attempting to increase the weight of your cattle by 300 pounds to bring them up to market weight. Since you have already negotiated a fixed price for these cattle once they are at market weight, your objective is to minimize the cost of getting the cattle up to their market weight. Having consulted with an animal nutrition specialist, they advise that you can get these cattle up to market weight by meeting the nutritionist's minimum specified weekly nutritional requirements. These nutritional requirements must meet minimum standards for carbohydrates, proteins, and vitamins. The minimum requirements for each of these nutritional supplements are listed below in Table 1. In order to get the cattle up to weight, you have three types of feeds you can use. Feed 1 consists of a corn diet, feed 2 consists of a mixed grain diet, and feed 3 consists of an alfalfa diet. In order to meet the nutritional requirements of the cattle, you can use any combination of the feeds you would like. The cost of each type of feed and the nutritional contents of each are listed in Table 1. Table 1: Nutritional Contents, Feed Requirements, and Costs Nutritional Component Carbohydrates Proteins Vitamins Cost Per Pound Bag of Corn 9,900 3,300 1,100 $42 Bag of Grain 2,200 8,800 2,200 $36 Bale of Hay MacBook Air 4,400 6,600 6,600 $30 Minimum Weekly Nutritional Requirement 22,000 19,800 16,500 Given the information above please answer the following questions. 1. Please write a mathematical model for this problem.. 2. Can you solve this model using the graphical method? Why or why not? 3. Please develop a spreadsheet model for this problem. Use the guidelines for building good spreadsheets. 4. Please explain which cells are the changing cells, the data cells, and the target cells. 5. What is the cost you get when you examine the solution of 1 bag of corn, 2 bag of grain, and 2 bales of alfalfa? 6. Using solver, please find the cost minimizing solution to the problem, i.e., the number of bales and bags? 7. What is the minimum cost of purchasing the cost minimizing solution? 8. How much money do you ave using the cost minimizing solution over the solution given in question 5? Problem C:
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SOLUTION 1 Mathematical Model Let x be the number of bags of corn y be the number of bags of grain and z be the number of bales of alfalfa The objecti... View the full answer
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
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