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2306AFE: Quantitative Methods for Business Finance and Economics

COMPUTING LAB EXERCISES

Practice questions- PART 2

[If the answer on the screen has more than 2 decimal places round to 2 decimal places]

PART 2

QUESTION

A manufacturer produces 2 products, A and B. The time required for each stage of production and maximum labour-hours available are given in the following table. The table also presents the selling prices of the two products.

Production information

Product	Designing	Finishing	Sales	Selling Prices
A	4.0	1.25	0.5	$185
B	2.75	1.5	1.0	$285
Max Hours	850	480	270

A. Determine how many units of each product must be produced to maximize the total revenue. (fractional units allowed)

1. Number of product A _____________________

2. Number of product B _____________________

3. Maximum Revenue _____________________

B. Suppose that a single order is received for 120 of A, and if it is decided that this order must be filled, determine the new values below (fractional units allowed)

4. Number of product A _____________________

7. Number of product B _____________________

6. Maximum Revenue _____________________

C. Now, in addition to the above, make allowance for an extra market constraint that demand for the two types of products is no more than 270 in total. Again, determine how many units of each must be produced to maximize the total revenue (fractional units allowed)

7. Number of product A _____________________

8. Number of product B _____________________

9. Maximum revenue _____________________

10. What happens to the maximum revenue after each extra constraint is added?

___________________________________________________________________________________

11.Why does this happen?

___________________________________________________________________________________