Cindy's Ceramics engaged in a like-kind exchange that resulted in a $3,000 gain. In addition to the like-kind property received
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Answer:
Check the explanation
Explanation:
Going by the question above we will have to first work on the
Formulation of LP:
Maximize profit
Z = 1.5A+1.5B where A - number of units of product A and B - number of units of product B
subject to constraints -
600 minutes available for molding
3A+2B <=600 ---> Molding constraint---> 1
600 minutes available for painting
2A+4B<=600 ---> Painting constraint---> 2
420 minutes available for packing
A+3B<=420 ---> Packing constraint---> 3
A, B, C >=0 ---> Non-negative constraint ---> 4
b) Solution with the help of Excel solver:
Target cell will be the RHS or profit value of the objective function as we are maximizing the profit.
Changing cells will be A and B ---> number of units of products
Constraints will be entered as below. The same are also listed in part A (1,2,3,4).
The attached images below are the formulation.
