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Applied Technology, Inc. (ATI) produces bicycle frames using two fiberglass materials that improve the strength-to-weight ratio of the frames. The cost of the standard grade material is $7.50 per yard and the cost of the professional grade material is $9.00 per yard. The standard and professional grade materials contain different amounts of fiberglass, carbon fiber, and Kevlar as shown in the following table. Standard Grade Professional Grade Fiberglass 84% 58% Carbon fiber 10% 30% Kevlar 6% 12% ATI signed a contract with a bicycle manufacturer to produce a new frame with a carbon fiber content of at least 20% and a Kevlar content of not greater than 10%. To meet the required weight specification, a total of 30 yards of material must be used for each frame. a) Formulate a linear program to determine the number of yards of each grade of fiberglass material that ATI should use in each frame in order to minimize total cost. Define the decision variables and indicate the purpose of each constraint. b) Use the graphical solution procedure to determine the feasible region. What are the coordinates of the extreme points? c) Compute the total cost at each extreme point. What is the optimal solution?
The information below describes the real GDP per capita for the country of Bedrock for the period of 1975 to 1991.a. If a new business cycle began in 1975, how long was this cycle b. The peak occurred in which year The trough occurred in which year c..
Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: Identify the buyers and sellers as well as the goods o..
An improvement in technology lowers the cost of production of DVD recorders. Explain what happens to consumer surplus in the market for DVD recorders.
There are two goods, Cloth and Food, and two factors of production, labour and capital. Suppose that the production function for each good is "homothetic".
Explain the relationship among household disposable income, consumption, and savings. What is Marginal Propensity to Consume (MPC) and what does an MPC of 0.9 tell us about consumption and saving?
Will you be a net borrower or net saver - In exchange for a good grade in this class, you offer me a series of bribes.
The U.S. Entergy Information Agency supplies current and historical data for world crude oil prices. Look both at current and historical data on world crude oil prices. Over the last six months, do you think the price of crude oil has produced an ..
If you receive a free ticket to a concert, what, if anything, is youropportunity cost of attending the concert How does youropportunity cost change if miserable weather on the night of theconcert requires you to leave much earlier for the concert ..
1. Why is it necessary to understand the concept of present value to analyze the schooling decision 2. Provide an intuitive explanation of the concept of present value.
During the 70's and 80's the goverment of many countries in Europe and North America banned the advertisement of cigarettes on televisions. Suprisingly, this attracted little protest from the cigarette manufacturer's.
A perfectly competitive firm encounters the following monthly costs and price. What is the fixed cost of this firm? What is the optimal output of this firm?
Calculate point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points?
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