A farmer has 100 acres of available land and $20,000 to spend. He wants to plant the combination of crops which maximizes his profit. Complete parts (a) through (c). Profits and Constraints for Crops Corn Potatoes Cabbage Total Number of Acres Cost (per acre) Profit (per acre) X2 X3 100 $20,000 $400 $120 $160 $40 $280 $60 %3D (a) Give the dual problem. Minimize w = 100 y, + 20000 y2 subject to: y, +400y, 2 120 Y, + 160y2 2 40 Y, +280y2 2 60 with y, 20, y2 20 (b) The solution to the dual problem can be interpreted as shadow profits. Use shadow profits to estimate the farmer's profit if land is cut to 80 acres but capital increases to $22,000. The farmer's estimated profit is $ (Simplify your answer.)
A farmer has 100 acres of available land and $20,000 to spend. He wants to plant the combination of crops which maximizes his profit. Complete parts (a) through (c). Profits and Constraints for Crops Corn Potatoes Cabbage Total Number of Acres Cost (per acre) Profit (per acre) X2 X3 100 $20,000 $400 $120 $160 $40 $280 $60 %3D (a) Give the dual problem. Minimize w = 100 y, + 20000 y2 subject to: y, +400y, 2 120 Y, + 160y2 2 40 Y, +280y2 2 60 with y, 20, y2 20 (b) The solution to the dual problem can be interpreted as shadow profits. Use shadow profits to estimate the farmer's profit if land is cut to 80 acres but capital increases to $22,000. The farmer's estimated profit is $ (Simplify your answer.)
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter9: Decision Making Under Uncertainty
Section: Chapter Questions
Problem 46P
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