A Craftsman Builds Two Kinds of Birdhouses,one for Wrens (X1),and

question 98

Essay

A craftsman builds two kinds of birdhouses,one for wrens (X1),and one for bluebirds (X2).Each wren birdhouse takes four hours of labour and four units of lumber.Each bluebird house requires two hours of labour and twelve units of lumber.The craftsman has available 60 hours of labour and 120 units of lumber.Wren houses profit $6 each and bluebird houses profit $15 each.
Use the software output that follows to interpret the problem solution.Include a statement of the solution quantities (how many of which product),a statement of the maximum profit achieved by your product mix,and a statement of "resources unused" and "shadow prices."

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Definitions:

Complementary Product

A product that adds value to another product when used together, typically enhancing the user's experience or utility.

Demand Curve

A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at that price.

Substitute Good

A product or service that a consumer can use in place of another to satisfy the same need or desire.

LRMC

Long-Run Marginal Cost, which refers to the change in total production costs that comes from producing one additional unit of a good or service when all inputs are variable.