The sensitivity report using solver.

Question

Want to see the full answer?

Answer 1

Question

Chapter 4, Problem 9QP

Summary Introduction

To determine: The sensitivity report using solver.

a)

Summary Introduction

To determine: The price drop of watermelons for the given condition.

b)

Summary Introduction

To determine: The price increase of cantaloupes for the given condition.

c)

Summary Introduction

To determine: Whether the solution is optimal for the given condition.

d)

Summary Introduction

To determine: The acres that the farmer should lease and the maximum amount to be paid.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

A paint company has three sources for buying bright red pigment for its paints: Vietnam, Taiwan, and Thailand. Unfortunately, the pigment is made from a bush whose annual growth is heavily dependent upon the amount of rainfall during the growing season. The following tables show probabilities and prices for wet, dry, and normal growing seasons. Probabilities Wet Dry Normal Vietnam 0.5 0.2 Taiwan 0.6 0.3 Thailand 0.4 0.4 Price/Pound ($) Vietnam 0.96 1.11 Taiwan 0.86 1.25 Wet Dry Normal Thailand 0.92 1.19 0.3 What country shoul the company select? Thailand Taiwan Vietnam 0.1 0.2 1.05 0.99 1.06 What is the expected value (price) associated with it?

Use the following data to answer all of the remaining questions. Consider a commodity market where the products provided by all sellers are identical. A group of 12 potential buyers in this market have willingness to pay (WTP) as follows (in random order): $65, $60, $55, $80, $70, $30, $20, $55, $10, $45, $40, and $15. A group of potential suppliers serving this market have wiliness to accept (WTA) as follows (also in random order): $20, $25, $30, $10, $45, $50, $55, $15, $20, $30, $40, and $60. What is the value captured by all sellers? Buyers 2. What is the value captured in this market by an individual buyer with WTP = $80? 3. What is the total consumers surplus (i.e., all buyers) in this market? Value added 4. What is the value added for the supplier with a WTA (willingness to accept) of $15?

You are the Economic Consultant for Zuku Farms Ghana Limited. Zuku produces cowpea in a community where producers are able to switch back and forth between cowpea and groundnut depending on market conditions. Consequently, you were tasked by the management of Zuku and you estimated the demand function for cowpea as follows: where is the quantity of cowpea demanded in bags per month, is the average price of cowpea in Ghana Cedis, is the average price of groundnut in Ghana Cedis, and Y is the income of consumers. Assuming is initially GH¢31.00 per bag, Y is GH¢1001.50 Required: Find the resulting demand function for cowpea and determine the number of bags Zuku can sell at GH¢ 45.00 per bag. Management is considering increasing price of cowpea by GH¢10.00 per bag. Advise management on this price change using the concept of price elasticity of demand. Explain why management should be worried about a reduction in the price of groundnut

Answer 2

Question

Chapter 4, Problem 9QP

Summary Introduction

To determine: The sensitivity report using solver.

a)

Summary Introduction

To determine: The price drop of watermelons for the given condition.

b)

Summary Introduction

To determine: The price increase of cantaloupes for the given condition.

c)

Summary Introduction

To determine: Whether the solution is optimal for the given condition.

d)

Summary Introduction

To determine: The acres that the farmer should lease and the maximum amount to be paid.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 4, Problem 9QP

Summary Introduction

To determine: The sensitivity report using solver.

a)

Summary Introduction

To determine: The price drop of watermelons for the given condition.

b)

Summary Introduction

To determine: The price increase of cantaloupes for the given condition.

c)

Summary Introduction

To determine: Whether the solution is optimal for the given condition.

d)

Summary Introduction

To determine: The acres that the farmer should lease and the maximum amount to be paid.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 4, Problem 9QP

Summary Introduction

To determine: The sensitivity report using solver.

a)

Summary Introduction

To determine: The price drop of watermelons for the given condition.

b)

Summary Introduction

To determine: The price increase of cantaloupes for the given condition.

c)

Summary Introduction

To determine: Whether the solution is optimal for the given condition.

d)

Summary Introduction

To determine: The acres that the farmer should lease and the maximum amount to be paid.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 4, Problem 9QP

Summary Introduction

To determine: The sensitivity report using solver.

a)

Summary Introduction

To determine: The price drop of watermelons for the given condition.

b)

Summary Introduction

To determine: The price increase of cantaloupes for the given condition.

c)

Summary Introduction

To determine: Whether the solution is optimal for the given condition.

d)

Summary Introduction

To determine: The acres that the farmer should lease and the maximum amount to be paid.

Answer 6

Chapter 4, Problem 9QP

Summary Introduction

To determine: The sensitivity report using solver.

Answer 7

Chapter 4, Problem 9QP

Summary Introduction

To determine: The sensitivity report using solver.

Answer 8

a)

Summary Introduction

To determine: The price drop of watermelons for the given condition.

Answer 9

a)

Summary Introduction

To determine: The price drop of watermelons for the given condition.

Answer 10

b)

Summary Introduction

To determine: The price increase of cantaloupes for the given condition.

Answer 11

b)

Summary Introduction

To determine: The price increase of cantaloupes for the given condition.

Answer 12

c)

Summary Introduction

To determine: Whether the solution is optimal for the given condition.

Answer 13

c)

Summary Introduction

To determine: Whether the solution is optimal for the given condition.

Answer 14

d)

Summary Introduction

To determine: The acres that the farmer should lease and the maximum amount to be paid.

Answer 15

d)

Summary Introduction

To determine: The acres that the farmer should lease and the maximum amount to be paid.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 19

Ch. 4 - Prob. 1QP Ch. 4 - Prob. 2QP Ch. 4 - Prob. 3QP Ch. 4 - Prob. 4QP Ch. 4 - Prob. 5QP Ch. 4 - Prob. 6QP Ch. 4 - Prob. 7QP Ch. 4 - Prob. 8QP Ch. 4 - Prob. 9QP Ch. 4 - Prob. 10QP

The sensitivity report using solver.

Concept explainers

To determine: The sensitivity report using solver.

To determine: The price drop of watermelons for the given condition.

To determine: The price increase of cantaloupes for the given condition.

To determine: Whether the solution is optimal for the given condition.

To determine: The acres that the farmer should lease and the maximum amount to be paid.

Want to see the full answer?

Chapter 4 Solutions