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Jason’s House of Cheese offers two cheese assortments for holiday gift-giving. In his supply refrigerator, Jason has 3600 ounces of Cheddar, 1498 ounces of Brie, and 2396 ounces of Stilton. The St. Nick assortment contains 10 ounces of Cheddar, 5 ounces of Brie, and 6 ounces of Stilton. The Holly assortment contains 8 ounces of Cheddar, 3 ounces of Brie, and 8 ounces of Stilton. Each St. Nick assortment sells for $16, and each Holly assortment sells for $14. How many of each assortment should be produced and sold in order to maximize Jason’s revenue?
Solve the problem geometrically.
By looking at your graph from part 1, can you determine the shadow price of Cheddar?
Solve the problem by the simplex method. The solution should be the same as in part 1. Verify your answer to part 2 by looking at your final tableau.
What are the shadow prices for Brie and Stilton?
What would the maximum revenue be if there were 3620 ounces of Cheddar, 1500 ounces of Brie, and 2400 ounces of Stilton?
Go back to the original problem, and state its dual problem. What information do the original slack variables u, v, and w give us about the dual problem? Determine the solution to the dual problem from your final tableau in part 3, and give an economic interpretation.
Please use the library for your research. Do not use sites such as Wikipedia or Investopedia as your sources. If you use a website, make sure you review APA guidelines as to how to properly format websites as a source. Minimum word requirement: 500; include a cover page and a separate reference page listing your sources in proper APA style. Minimum 2 sources; your textbook can be one of your sources.