Kane Manufacturing has a division that produces two models of grates, model A and model...
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Accounting
Kane Manufacturing has a division that produces two models of grates, model A and model B. To produce each model A grate requires 3 pounds of cast iron and 6 minutes of labor. To produce each model B grate requires 4 pounds of cast iron and 3 minutes of labor. The profit for each model A grate is $2.00, and the profit for each model B grate is $1.50. Available for grate production each day are 1000 pounds of cast iron and 20 labor-hours. Because of an excess inventory of model A grates, management has decided to limit the production of model A grates to no more than 180 grates per day. Maximizesubjecttoy0P=2x+1.5y3x+4y10006x+3y1200x180x0Resource1Resource2Resource3 (a) Find the shadow price for Resource 2. (Round your answer to the nearest cent.) (b) Identify the binding and nonbinding constraints. constraint 1 constraint 2 constraint 3
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