Kane Manufacturing Has a Division That Produces Two Models of Fireplace

question 40

Short Answer

Kane Manufacturing has a division that produces two models of fireplace grates, model A and model B. To produce each model A grate requires 3 lb of cast iron and 6 min of labor. To produce each model B grate requires 4 lb of cast iron and 3 min of labor. The profit for each model A grate is $2, and the profit for each model B grate is $1.50. 1,000 lb of cast iron and 23 labor-hours are available for the production of grates each day. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 200 grates per day. How many grates of each model should the division produce daily to maximize Kane's profits? The range of values that the coefficient of x can assume without changing the optimal solution is 1.125 ≤ c ≤ 3.
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If the contribution to the profit of a model A grate is changed to $2.05/grate, will the original optimal solution still hold? Answer yes or no. __________
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What will be the new optimal solution?
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Model A: __________
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Model B: __________
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Please enter your answer as a dollar value to the nearest cent:
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maximum profit: $ __________

Recognize the requirements and conduct a multinomial experiment analysis.

Formulate null and alternative hypotheses for statistical tests.

Conduct and interpret chi-square tests for goodness of fit and independence.

Understand the concept of relative deprivation and how it influences perceptions of personal well-being.

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Definitions:

Expatriate Manager

A manager who is working in a country different from their native country, often for a predetermined period.

Multinational Corporations

Companies that operate in multiple countries, often managing production or delivering services in more than one country.

Global Corporations

Large companies that operate and provide goods or services in multiple countries beyond their home country.

Transnational Corporations

Large companies that operate and distribute products or services across multiple countries beyond their home base.