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An appliance manufacturer produces two models of microwave ovens: H and W. Both models require fabrication and assembly work; each H uses four hours of fabrication and two hours of assembly, and each W uses two hours of fabrication and six hours of assembly. There are 600 fabrication hours available this week and 480 hours of assembly. Each H contributes $40 to profits, each W contributes $30 to profits. What quantities of H and W will maximize profits?
1) Formulate a linear programming model for this problem.
2) Solve the problem using Isoprofit Line Method or Corner Point Method or Excel’s Solver (please attach the Excel file of your solution output if you choose Excel’s Solver).
The reason a profit-maximizing natural monopolist cannot set price equal to marginal cost is that it would:
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