Kane Manufacturing has a division that produces two models of grates, mode A and model B....

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Kane Manufacturing has a division that produces two models of grates, mode A and model B. To produce each model A grate requires 3 pounds of cast iron and 6 minutes of labor. To produce each model B grate requires 4 pounds of cast iron and 3 minutes of labor. The profit for each model A grate is $2.50, and the profit for each model B grate is $2.00. Available for grate production each day are 1000 pounds of cast iron and 20 labor-hours. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 180 grates per day. Maximize P= 2.5x + 2y subject to 3x + 4y $1000 6x + 3y $1200 x 180 y 2 0 x 2 0 (a) Find the shadow price for Resource 2. (Round your answer to the nearest cent.) Resource 1 Resource 2 Resource 3 (b) Identify the binding and nonbinding constraints. -Select- constraint 1 constraint 2 -Select- constraint 3 Select- Kane Manufacturing has a division that produces two models of grates, mode A and model B. To produce each model A grate requires 3 pounds of cast iron and 6 minutes of labor. To produce each model B grate requires 4 pounds of cast iron and 3 minutes of labor. The profit for each model A grate is $2.50, and the profit for each model B grate is $2.00. Available for grate production each day are 1000 pounds of cast iron and 20 labor-hours. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 180 grates per day. Maximize P= 2.5x + 2y subject to 3x + 4y $1000 6x + 3y $1200 x 180 y 2 0 x 2 0 (a) Find the shadow price for Resource 2. (Round your answer to the nearest cent.) Resource 1 Resource 2 Resource 3 (b) Identify the binding and nonbinding constraints. -Select- constraint 1 constraint 2 -Select- constraint 3 Select-

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a Find the shadow price for Resource 2 Round your answer to the nearest cent ANS WER Shadow Price fo... View the full answer