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INSTRUCTION: SOLVE THE PROBLEM COMPLETELY USING SIMPLEX METHOD OF LINEAR PROGRAMMING.
The solution must be composed of DECISION VARIABLES, OBJECTIVE FUNCTION, EXPLICIT CONSTRAINTS, and the MODIFICATION OF OBJECTIVE FUNCTION and EXPILICIT CONSTRAINTS. Must also include DECISION and SHADOW PRICES.
Kindly attach the Excel File. Needed ASAP. Thank you so much.
# 2
The Copperfield Mining Company owns two mines, which produce three grades of ore: high, medium, and low. The company has a contract to supply a smelting company with 12 tons of high-grade ore, 8 tons of medium-grade ore, and 24 tons of low-grade ore. Each mine produces a certain amount of each type of ore each hour of operation. The company has developed the following linear programming model to determine the number of hours to operate each mine (X and Y) so that contracted obligations can be met at the lowest cost:
Ore Grades
Mine X
Mine Y
High Grade
6
2
Medium Grade
Low Grade
4
12
Cost of Operation per hour ($)
200
160
Substitute the values of L* and K* in the total cost equations and obtain an expression for the total cost C*. then calculate the average and marginal costs and plot them. Illustrate what is the cost elasticity of output.
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