Wild West produces two types of cowboy hats. A Type 1 hat requires twice as much labor time as a…

Wild West produces two types of cowboy hats. A Type 1 hat requires twice as much labor time as a Type 2. If all the available labor time is dedicated to Type 2 alone, the company can produce a total of 400 Type 2 hats a day The respective market limits for the two types are 150 and 200 hats per day.The revenue is $8 per Type 1 hat and $5 per Type 2 hat. Changes in the RHS of constraints (a) Use the graphical solution to determine the number of bats of each type that maxi- mizes revenue. (b) Determine the dual price of the production capacity (in terms of the Type 2 hat) and the range for

Wild West produces two types of cowboy hats. A Type 1 hat requires twice as much labor time as a Type 2. If all the available labor time is dedicated to Type 2 alone, the company can produce a total of 400 Type 2 hats a day The respective market limits for the two types are 150 and 200 hats per day.The revenue is $8 per Type 1 hat and $5 per Type 2 hat. Changes in the RHS of constraints (a) Use the graphical solution to determine the number of bats of each type that maxi- mizes revenue. (b) Determine the dual price of the production capacity (in terms of the Type 2 hat) and the range for which it is applicable. If the daily demand limit on the Type 1 hat is decreased to 120, use the dual price to determine the corresponding effect on the optimal revenue. (c) (d) What is the dual price of the market share of the Type 2 hat? By how much can the market share be increased while yielding the computed worth per unit? Changes in the objective coefficients (a) Determine the optimality range for the unit revenue ratio of the two types of hats that will keep the current optimum unchanged. (b) Using the information in (b), wl the optimal solution change if the revenue per unit is the same for both types?

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