Exam 1 Fall 2010_11wAnswers

Exam 1 Fall 2010_11wAnswers - University of Pittsburgh...

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University of Pittsburgh BUSQOM 0050 Quantitative Methods EXAM 1 Fall 2010 PLEASE READ CAREFULLY THE INSTRUCTIONS BELOW: Be sure to put your name on both the Answer Book as well as on the top of this page of the Exam Questions. This is a closed-book exam for which you have 1 hour and 15 minutes. All of your answers should be written in the Answer Book. The use of calculators, computers and cell phones in not permitted during the exam. Because of the limited space between students in the classroom, please cover your answers as much as possible (a proctor may occasionally remind you to do this). Both the Answer Book and the Exam Questions must be handed in at the end of the exam. We will carefully monitor the exam to ensure the highest possible level of fairness. Any cheating will result in a score of zero on the exam and will be brought to the attention of the Dean’s Office. I hope you find that the exam is a fair reflection of the lectures, the assigned readings, the end-of-chapter exercises, and the homework projects. Best wishes! R. E. Wendell
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1. Froshinsloth Brewers (20 points) Consider the situation of Froshinsloth Brewers whose two products, Pale Stale Ale, and Logger's Lager, are made from different proportions of barley, hops and malt. Suppose that 480 pounds of barley, 160 ounces of hops, and 1190 pounds of malt are immediately available and that the output is limited by the scarcity of these raw materials. Other resources, such as water, yeast, labor and energy, may be consumed in the manufacturing process, but they are considered to be plentiful. Although they may influence the brewer's willingness to produce the Ale and Lager because of their costs, they do not directly limit the ability to produce. Assume that the brewing of each barrel of Pale Stale Ale consumes five pounds of barley, four ounces of hops, and 35 pounds of malt, whereas each barrel of Logger's Lager requires 15 pounds of barley, four ounces of hops and 20 pounds of malt. As a result of a successful ad campaign based on a catchy slogan ("Beer is proof that God loves us and wants us to be happy.” - Benjamin Franklin), Froshinsloth can sell at current prices all the Ale and Lager that it can produce. A cost study has established that the company will make a profit of $13 per barrel of Ale and $23 per barrel of Lager. Model the problem as a linear optimization problem. Please be sure to define your decision variables.
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Exam 1 Fall 2010_11wAnswers - University of Pittsburgh...

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