Question: Please help me fill out this excel chart. This is the question: The Amorco Oil Company controls two oil fields. Field 1 can produce up
Please help me fill out this excel chart. This is the question:
The Amorco Oil Company controls two oil fields. Field 1 can produce up to 40 million barrels of oil per day, and field 2 can produce up to 50 million barrels of oil per day. At field 1 it costs $3 to extract and refine a barrel of oil; at field 2 the cost is $2. Amorco sells oil to two countries: United Kindom and Japan. The shipping costs per barrel are shown below. Each day the United Kingdom is willing to buy up to 40 million barrels at $6 per barrel, and Japan is willing to buy up to 30 million barrels at $6.50 per barrel. Determine how to maximize Amorco's profit.
Please help me fill in this chart and determine profit. Include steps you took in excel and show the solver table.
1 Amorco Oil Company 3 4 5 Extracting, refining costs per barrel Field 1 Field 2 SE UNIT COST 7 Cost per barrel of shipping 9 Field 1 10 Field 2 $2 11 12 Selling price per barrel 13 14 15 Shipments (in millions of barrels) UK $3 Japan $8.50 UNIT SELLING PRICES PER REGION 16 UK Japan 17 Field 1 18 Field 2 19 Sum 21 Max demand D 4030 23 Summary of monetary values (in millions) 24 Extracting, refining cost 25 Shipping cost 28 Revenue Profit 1 Amorco Oil Company 3 4 5 Extracting, refining costs per barrel Field 1 Field 2 SE UNIT COST 7 Cost per barrel of shipping 9 Field 1 10 Field 2 $2 11 12 Selling price per barrel 13 14 15 Shipments (in millions of barrels) UK $3 Japan $8.50 UNIT SELLING PRICES PER REGION 16 UK Japan 17 Field 1 18 Field 2 19 Sum 21 Max demand D 4030 23 Summary of monetary values (in millions) 24 Extracting, refining cost 25 Shipping cost 28 Revenue Profit
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