Question
In: Statistics and Probability
Perth Mining Company operates two mines for the purpose of extracting gold and silver. The Saddle...
Perth Mining Company operates two mines for the purpose of extracting gold and silver. The Saddle Mine costs $15,000/day to operate, and it yields 65 oz of gold and 2500 oz of silver each day. The Horseshoe Mine costs $16,000/day to operate, and it yields 70 oz of gold and 900 oz of silver each day. Company management has set a target of at least 485 oz of gold and 7,900 oz of silver. How many days should each mine be operated so that the target can be met at a minimum cost?
Solutions
Expert Solution
Since 111 is the smallest value we conclude that the Saddle mine should operate 1 day and Horseshoe Mine should operate 6 days to minimize the cost.
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