The Green Leaf Bakery Makes Two Types of Chocolate Cakes $\lambda$

question 97

Short Answer

The Green Leaf Bakery makes two types of chocolate cakes, Delicious and Extra Delicious. Each Delicious requires 0.1 lb of European chocolate, while each Extra Delicious requires 0.2 lb. Currently there are only 230 lb of chocolate available each month. Suppose the profit function is given by: where x is the number of Delicious cakes and y is the number of Extra Delicious cakes that the bakery produces each month.
(a) How many of each cake should the bakery produce each month to maximize profit?
(b) What is the value of $\lambda$ ? What does it mean?
(c) It will cost $36.00 to get an extra pound of European chocolate. Should the bakery buy it?

Understand the basic principles and definitions of economics including the allocation of scarce resources and opportunity cost.

Comprehend the concept of opportunity cost in practical scenarios, such as governmental spending decisions.

Identify key factors that enable full production in an economy, including technology and resource utilization.

Grasp the conditions and indicators of economic growth and the factors that spur such growth.

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