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The Charm City Bakery makes coffee cakes and Danish pastries in large pans. The main ingredients are flour and sugar. There are 25 pounds of flour and 16 pounds of sugar available. The demand for coffee cakes is less than or equal to 4. Five pounds of flour and 2 pounds of sugar are required to make a pan of coffee cakes, and 5 pounds of flour and 4 pounds of sugar are required to make a pan of Danish pastries. A pan of coffee cakes has a profit of $4, and a pan of Danish pastries has a profit of $6. Determine the number of pans of cakes and Danish pastries to produce each day so that profit will be maximized.
(a) Formulate a linear programming model for this problem.(b) Find the optimal solution of this model by hand using the corner points graphical method.
Is there a parallel among diminishing marginal utility in consumption and diminishing returns in productio.
Discuss the criticisms leveled by so called "classical" economists at the Keynesian model described above, from the initial simplistic responses
The Rusty Anchor Bar has two-types of patrons: legal and underage drinkers. Even though it is illegal to allow entry to underage drinkers, there is no perfect way to identify underage drinkers since they often use fake identification card.
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Construct a graph showing supply and demand in the electronic dog feeder market and how are the laws of supply and demand illustrated in this graph? Explain your answers.
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Discuss the evolution and responsibilities of the Federal Reserve System. What circumstances promulgated both the development and composition of the system?
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