Use the Following Management Scientist Output to Answer the Questions

question 25

Essay

Use the following Management Scientist output to answer the questions.
MIN 4X1+5X2+6X3
S.T.
1) X1+X2+X3<85
2) 3X1+4X2+2X3>280
3) 2X1+4X2+4X3>320
Objective Function Value = 400.000 OBJECTIVE COEFFICIENT RANGES RIGHT HAND SIDE RANGES
a.What is the optimal solution, and what is the value of the profit contribution?
b.Which constraints are binding?
c.What are the dual prices for each resource? Interpret.
d.Compute and interpret the ranges of optimality.
e.Compute and interpret the ranges of feasibility.

Determine direct labor requirements and costs based on production needs.

Calculate variable and fixed selling, and administrative expenses to prepare a comprehensive expense budget.

Estimate the financial position at the end of a period in terms of accounts receivable, accounts payable, and inventory balances.

Analyze the effects of depreciation and other non-cash expenses on budgeting.

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Definitions:

Fair Decisions

Decisions that are impartial, just, and equitable, taking into account the legitimate interests and needs of all involved parties.

Path-Goal Theory

An explanation of leadership effectiveness that specifies what the leader must do to achieve high productivity and morale in a given situation.

Leadership

The act of guiding or directing a group towards a goal or vision, often by inspiring and encouraging teamwork and responsibility.

Deficiencies

The lack or shortage of necessary qualities, capacities, or elements.