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Question 1 Monograph makes costume jewelry. The Monograph product line consists of earrings, pendant necklaces, and...

Question 1 Monograph makes costume jewelry. The Monograph product line consists of earrings, pendant necklaces, and rings. Management wants to make the amount of each product so as to maximize profits. Each type of product is routed through manufacturing and packaging. The relevant data for each product are as follows:

Product Manufacturing processing hrs Packaging processing hrs Material cost
Earrings(pair) 11 3 $4
necklaces 3 11 $6
rings 9 6 $3

Manufacturing has 135 hours of capacity, Packaging has 187 hours of capacity, and we have a materials budget of $351. Each pair of earrings contributes $86 to profits; each necklace, $30; and each ring, $79.

a. Solve this problem using Excel. ( please can you specify the constraints for the solver?)

Solutions

Expert Solution

Product Manufacturing processing hrs Packaging processing hrs Material cost Profit Total profit= 1224.519
Earrings(pair) 11 3 $4 86 Number of earnings= 0
necklaces 3 11 $6 30 Number of necklace= 10.77778
rings 9 6 $3 79 Number of rings= 11.40741
Capacity 135 187 $351
Actual used 135 187 $99

Where total profit = number of earings * profit per earing + number of necklace* profit per necklace+ number of rings * profit per ring

Manufacturing capacity actual used = number of earings * capacity required per earing + number of necklace* capacity required per necklace+ number of rings * capacity required per ring

Packaging process hours actual used = number of earings * hours required per earing + number of necklace* hours required per necklace+ number of rings * hours required per ring

Material cost actual used = number of earings * Material required per earing + number of necklace* Material required per necklace+ number of rings * Material required per ring

jeff jeffy answered 1 year ago
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