Review the data in spreadsheet
This spreadsheet shows a table compiled by an industrial engineer in a chocolate factory. The table contains all feasible combinations of machines and labor and the associated output of candy.
Using Excel graphical methods (isoquants and isocosts) calculate the optimal combination of inputs to produce 20 tons of candy.
•Explain your methodology and the result.
•Accomplish an Excel Isoquant - Isocost graph of the 20 tons data.
Use the same data in the above spreadsheet to answer the following question.
•Using Excel, calculate the optimal combination of inputs to produce 20 tons of candy.
•Accomplish Excel tables to calculate the combination of capital and labor that minimizes cost for producing 20 tons.
•Use regression to determine the mathematical equation for candy output (with capital and labor as your input/independent variables, and candy output as your dependent).
Use the Excel solver tool to calculate the combination of capital and labor that minimizes cost of 20 tons of production.
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