Question: Use excel solver to find the answer. Use the INDEX function in excel to set up the equation. Network super model question: The Amorco Oil

Use excel solver to find the answer. Use the INDEX function in excel to set up the equation. Network super model question:

The Amorco Oil Company controls two oil fields. Field 1 can produce up to 22 million barrels of oil per day, and field 2 can produce up to 19 million barrels of oil per day. At field 1, it costs $42.50 to extract and refine a barrel of oil; at field 2 the cost is $38.20. Amorco sells oil to two countries: United Kingdom and Japan. The shipping costs per barrel are shown in the file P05_48.xlsx. Each day, the United Kingdom is willing to buy up to 14 million barrels at $65.80 per barrel, and Japan is willing to buy up to 23 million barrels at $68.40 per barrel. Determine how to maximize Amorcos profit.Use excel solver to find the answer. Use the

Amorco data Cost per barrel of shipping U.K. Field 1 Field 2 Selling price per Max demand $4.80 $5.70 $65.80 14 Japan $5.30 $6.90 $68.40 23 Field 1 capacity Field 2 capacity 22 19

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 General Management Questions!