Problem 8-03 (Algorithmic) Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are as follows: Ds = demand for the Sky Eagle, Ps is the selling price of the Sky Eagle, DH is the demand for the Horizon, and PH is the selling price of the Horizon. Ds = 211 - 0.60Ps + 0.25PH DH = 260 + 0.20Ps - 0.67PH The store wishes to determine the selling price that maximizes revenue for these two products. Develop the revenue function for these two models. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. The revenue function is: Max 211 PS? + -0.60 Ps + 0.45 PSPH + 260 PH + -0.67 PHP Find optimal solution and the revenue maximizing prices. If required, round your answers to the nearest cent. Ps = $ PH = $ Optimal revenue Problem 8-08 (Algorithmic) Let S represent the amount of steel produced (in tons). Steel production is related to the amount of labor used (L) and the amount of capital used (C) by the following function: S = 30_0.70 0.30 In this formula L represents the units of labor input and C the units of capital input. Each unit of labor costs $150, and each unit of capital costs $200. a. Formulate an optimization problem that will determine how much labor and capital are needed in order to produce 70,000 tons of steel at minimum cost. If the constant is "1" it must be entered in the box; if your answer is zero, enter "0". Min L C s.t. L L, C b. Solve the optimization problem you formulated in part (a). Hint: Use the Multistart option as described in Appendix 8.1. Add lower and upper bound constraints of 0 and 5000 for both L and C before solving. Round your answers for L and C to three decimal places. Round your answer for optimal solution to one decimal place. L = and C= for an optimal solution of $