Question: Need help with this question, very urgent. It should be done on EXCEL. It is from my quantitative business methods class. A garden store prepares

Need help with this question, very urgent. It should be done on EXCEL. It is from my quantitative business methods class.

Need help with this question, very urgent. It should be done on

A garden store prepares various grades of pine bark for mulch: nuggets, mini- nuggets, and chips. The following table gives information regarding the different requirements. Nuggets Mini-Nuggets Chips Bark Machine time (minutes) Labor time (hours) Storage (bags) In addition, there are only 600 pounds of pine bark, 600 minutes of machine time, 480 hours of labor time, and 150 bags in storage. The profits are $9, $9, and $6, respectively for every bag of nuggets, mini-nuggets, or chips. Please answer all of the following questions in an Excel file. Please answer each question in a separate worksheet. 1) Formulate this problem as a linear program in a Text Box. 2) Setup and solve this LP using Excel. 3) What is the marginal value of a pound of pine bark? Over what range is this price value appropriate? 4) What is the maximum price the store would be justified in paying for additional pine bark? 5) What is the marginal value of labor? Over what range is this value in effect? 6) The manager obtained additional machine time through better scheduling. How much additional machine time can be effectively used for this operation? Why? 7) 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)? 8) 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? Would the value of the objective function change? If so, what would the new value be

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!