Robert Hope Received a Welcome Surprise in This Management Science

question 34

Essay

Robert Hope received a welcome surprise in this management science class;the instructor has decided to let each person define the percentage contribution to their grade for each of the graded instruments used in the class.These instruments were: homework,an individual project,a mid-term exam,and a final exam.Robert's grades on these instruments were 75,94,85,and 92,respectively.However,the instructor complicated Robert's task somewhat by adding the following stipulations:
• homework can account for up to 25% of the grade,but must be at least 5% of the grade;
• the project can account for up to 25% of the grade,but must be at least 5% of the grade;
• the mid-term and final must each account for between 10% and 40% of the grade but cannot account for more than 70% of the grade when the percentages are combined;and
• the project and final exam grades may not collectively constitute more than 50% of the grade.The following LP model allows Robert to maximize his numerical grade.
Let W₁= weight assigned to homework W₂= weight assigned to the project W₃= weight assigned to the mid-term
W₄= weight assigned to the final


12 Both Exams 0.65 0.70
13 Final & Project 0.5 0.50
What values would you enter in the Risk Solver Platform RSP)task pane for the cells in this Excel spreadsheet implementation of this problem?
Objective Cell: Variables Cells: Constraints Cells:

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Definitions:

Short Run

A period in which at least one factor of production is fixed, limiting the ability of the economy or firm to adjust to changes.

Long Run

A period of time in which all factors of production and costs are variable, allowing for full adjustment to change.

Marginal Cost Curve

The marginal cost curve graphically represents how the cost of producing one additional unit of a good changes as production volume varies.

Marginal Product

The increased output achieved by adding one more unit of a certain input, with all other inputs held steady.