Whole farm planning can be assessed using linear programming in order to determine optimum combinations of outputs to produce in order to maximize gross margin or profit. True False
True
Explanation: Linear programming can help in maximizing or minimizing certain objective function with respect to the given resource constraints of a firm.
Whole farm planning can be assessed using linear programming in order to determine optimum combinations of outputs to produce in order to maximize gross margin or profit. True False
Exercise 2 Linear Programming 1. The Scrod Manufacturing Co. produces two key items – special-purpose Widgets (W) and more generally useful Frami (F). Management wishes to determine that mix of W & F which will maximize total Profits (P). Data W F Unit profit contributions $ 30 $ 20 Demand estimates (unit/week) 250 500 Average processing rates – each product requires processing on both machines (units/hour) Machine #1 2 4 Machine #2 ...