A furniture manufacturer produces two types of tables (country and contemporary) using three types of machines....
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A furniture manufacturer produces two types of tables (country and contemporary) using three types of machines. The time required to produce the tables on each machine is given in the following table. Machlne Country Contemporary Total Machine Time Avallable per Week Router 1.5 2.0 1,000 Sander 3.0 4.5 2,000 Polisher 2.5 1.5 1,500 Country tables sell for $350, and contemporary tables sell for $450. Management has determined that at least 20% of the tables made should be country and at least 30% should be contemporary. How many of each type of table should the company produce if it wants to maximize its revenue? a. Formulate an LP model for this problem. b. Create a spreadsheet model for this problem, and solve it using Solver. c. What is the optimal solution? d. How will your spreadsheet model differ if there are 25 types of tables and 15 machine processes involved in manufacturing them? A furniture manufacturer produces two types of tables (country and contemporary) using three types of machines. The time required to produce the tables on each machine is given in the following table. Machlne Country Contemporary Total Machine Time Avallable per Week Router 1.5 2.0 1,000 Sander 3.0 4.5 2,000 Polisher 2.5 1.5 1,500 Country tables sell for $350, and contemporary tables sell for $450. Management has determined that at least 20% of the tables made should be country and at least 30% should be contemporary. How many of each type of table should the company produce if it wants to maximize its revenue? a. Formulate an LP model for this problem. b. Create a spreadsheet model for this problem, and solve it using Solver. c. What is the optimal solution? d. How will your spreadsheet model differ if there are 25 types of tables and 15 machine processes involved in manufacturing them?
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a The formulation is as follows b The spreadsheet model of the same is as follows T... View the full answer
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Fundamentals of corporate finance
ISBN: 978-0470876442
2nd Edition
Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates
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