Question

In: Finance

The three children of a farm couple are sent to the market to sell 90 apples.

Use ILP

The three children of a farm couple are sent to the market to sell 90 apples. Karen, the oldest, carries 50 apples; Bill, the middle one, carries 30; and John, the youngest carries only 10. The parents have stipulated 5 rules: (1) The selling price is either $1 for 3 apples or $2 for 1 apple. (2) Each child may exercise one or both options of the selling price. (3) Each of the three children must return with exactly the same amount of money. (4) Each child’s income must be in whole dollars (no cents allowed). (5) The amount received by each child must be the largest possible under the stipulated conditions. Assume that the kids are able to sell all they have. Please Use ILP to show how the children can satisfy the parents’ condition.

Solutions

Expert Solution


Related Solutions

Given a sample of 90 couples, each couple having two children What is the probability of...
Given a sample of 90 couples, each couple having two children What is the probability of any couple having one girl and one boy?
Assume that the market for apples in the UK is in Equilibrium. The market for apples...
Assume that the market for apples in the UK is in Equilibrium. The market for apples is described by the traditional demand curve and the supply curve. Since the market for applies is in Equilibrium (e1), there is an Equilibrium price P* and an Equilibrium Quantity Q*. Denote the demand curve as Dnq and the supply curve as Snq. The supply of apples is covered by a combination of domestic apple production (UK-based suppliers) and foreign apple production (non-UK-based suppliers)....
A farmer has produced 1000 apples and wants to sell them. He can sell the apples...
A farmer has produced 1000 apples and wants to sell them. He can sell the apples at two different markets: - At market 1, if the farmer sells x apples, he can sell them for 2/square root of x dollars each - At market 2, if the farmer sells y apples, he can sell them for 4/square root of y dollars each. Find out how the farmer should split his 1000 apples between both markets in order to maximize profit....
To the right are the outcomes that are possible when a couple has three children. Assume...
To the right are the outcomes that are possible when a couple has three children. Assume that boys and girls are equally​ likely, so that the eight simple events are equally likely. Find the probability that when a couple has three​ children, there is exactly 1 girl. 1st 2nd 3rd boy boy boy boy boy girl boy girl boy boy girl girl girl boy boy girl boy girl girl girl boy girl girl girl
There is a married couple with three children and an annual income of $24,000 who, because...
There is a married couple with three children and an annual income of $24,000 who, because of the standard deduction and personal exemptions, owe no federal income tax. Suppose the child tax credit is such that for families that pay less income tax than the child credit to which they are entitled the law allows them to receive a refund of 15% of earnings over $12,000, up to a maximum of $800. a. What is the family’s tax credit per...
a couple intends to have three children. assume (for some reason) that having a boy or...
a couple intends to have three children. assume (for some reason) that having a boy or a girl are not equally likely events, and that p(boy)=.4 and p(girl)=.6 for each delivery also assume the births are independent of each other (a. what is the sample space of this experiment? Use a tree diagram and label the branches with their corresponding probabilities. Then make a table including all outcomes from the experiment with their associated probabilities. (b. Find the probability that...
On their farm, the Friendly family grows apples that they harvest each fall and make into...
On their farm, the Friendly family grows apples that they harvest each fall and make into three products—apple butter, applesauce, and apple jelly. They sell these three items at several local grocery stores, at craft fairs in the region, and at their own Friendly Farm Pumpkin Festival for 2 weeks in October. Their three primary resources are cooking time in their kitchen, their own labor time, and the apples. They have a total of 500 cooking hours available, and it...
Consider the ways that a couple can have three children. Define the following events: Event M:...
Consider the ways that a couple can have three children. Define the following events: Event M: They have a child of each gender. Event N: They have at most one boy. Suppose that they are more likely to have a boy (B) than a girl (G), by a ratio of 11 to 9. a. Using set notation like I did in the 2-child case (due to time, I didn’t use set notation in the 3-child case), list out the events...
Jenna's Farm Market assembles beautiful hanging flower baskets that they sell for $25 each. They make...
Jenna's Farm Market assembles beautiful hanging flower baskets that they sell for $25 each. They make and sell 1,000 per season. The variable cost of the baskets is $13.50. Fixed costs are $2 per basket. Assorted Growers, a local flower supplier, has offered to supply the 1,000 hanging flower baskets that Jenna's will need for the upcoming spring/summer season. If Jenna's decides to buy the flower baskets instead of making them, they could avoid 40% of the fixed cost per...
Derive a graph showing the market for Apples in Equilibrium. a.) Mention Three (3) facts associated...
Derive a graph showing the market for Apples in Equilibrium. a.) Mention Three (3) facts associated with the equilibrium point for this market: b.) What happens if the price of Apples falls below the Equilibrium Price? c.) What factors a=may shift the Demand Curve for Apples to the right?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT