Question: I tried to create excel data with these values, but it seems I still need help with this. Full explanations with the work shown will
I tried to create excel data with these values, but it seems I still need help with this. Full explanations with the work shown will be greatly appreciated. I need to understand this, and not just given the answers. This all relates to one question. Thank you and will upvote if helps!
9) A garden store prepares various grades of pine bark for mulch: nuggets (x1 ), mini-nuggets (x2 ), and chips (x3 ). The process requires pine bark, machine time, labor time, and storage space. The following model has been developed.
| Maximize Subject to | 9x1 + 9x2+ 6x3 (profit) |
| Bark | 5x1 | + | 6x2 | + | 3x3 | 600 | pounds | |
| Machine | 2x1 | + | 4x2 | + | 5x3 | 600 | minutes | |
| Labor | 2x1 | + | 4x2 | + | 3x3 | 480 | hours | |
| Storage | 1x1 | + | 1x2 | + | 1x3 | 150 | bags | |
| x1, x2, x3 | 0 | |||||||
Answer the following parts to the question:
a-1. What is the marginal value of a pound of pine bark? (Round answer to 2 decimal places.)
The marginal value of a pound of bark is: $____________.
a-2. Over what range is this price value appropriate?
This marginal value is in effect from ____________lbs. to ____________lbs. of bark.
b. What is the maximum price the store would be justified in paying for additional pine bark? (Round answer to 2 decimal places.)
Maximum price ______________ per pound.
c-1. What is the marginal value of labor? (Enter zero if needed; no blank cell!)
The marginal value of 1 labor hour $______________.
c-2. Over what range is this value in effect?
This marginal value is in effect from ___________hrs to _____(...infinity?)_________
d. If the manager could add an additional 60 minutes of labor, should she?
Yes or No?
e. If the manager can obtain either additional pine bark or additional storage space, which one should she choose and how much (assuming additional quantities cost the same as usual)?
Add _________pounds of (Pine bark or Storage?)
f-1. If a change in the chip operation increased the profit on chips from $6 per bag to $7 per bag, would the optimal quantities change?
Yes or No?
f-2. What is the new value of the objective function, if the profit on chips increases from $6 per bag to $7 per bag?
The new value is $_____________
g-1. If profits on chips increased to $7 per bag and profits on nuggets decreased by $.60, would the optimal quantities change?
Yes or No
g-2. Given an increase in profit on chips to $7 per bag, and a decrease in profit on nuggets of $0.60, what is the new value of the objective function? (Round intermediate calculations to 3 decimal places and final answer nearest whole number.)
The new value is $______________
h. If the amount of pine bark available decreased by 15 pounds, machine time decreased by 27 minutes, and storage capacity increased by five bags, would this fall in the range of feasibility for multiple changes?
Yes or No?
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
