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The Production Planner for Fine Coffees, Inc

question 65

Multiple Choice

The production planner for Fine Coffees, Inc. produces two coffee blends: American (A) and British (B) . He can only get 300 pounds of Colombian beans per week and 200 pounds of Dominican beans per week. Each pound of American blend coffee requires 12 ounces of Colombian beans and 4 ounces of Dominican beans, while a pound of British blend coffee uses 8 ounces of each type of bean. Profits for the American blend are $2.00 per pound, and profits for the British blend are $1.00 per pound. The goal of Fine Coffees, Inc. is to maximize profits.
What is the objective function?

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Definitions:

Indifference Curves

Graphical representations used in microeconomics to show different combinations of two goods that give a consumer the same level of satisfaction.

Standard Deviation

A metric that quantifies the spread or diversity among a collection of numbers.

Expected Return

The weighted average of all possible returns for an investment, considering the probabilities of each outcome.

Risk Averse

Describes an individual or entity's preference to avoid risk, where they prioritize certainty and are willing to accept lower returns in exchange for greater certainty or security.