Lab Assignment 11 The goal of this lab is to evalute whole farm plans using the template below. Step 1: Answer Question 1 (on the ‘Responses’ tab) without using the Solver option in Excel.
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Lab Assignment 11 The goal of this lab is to evalute whole farm plans using the template below. Step 1: Answer Question 1 (on the ‘Responses’ tab) without using the Solver option in Excel. Step 2: Use the Solver option in Excel to solve for the optimal farm plan and produce reports as needed. Step 3: Answer Questions 2 and 3 (on the ‘Responses’ tab) after using Solver Step 4: Submit your Excel file with the completed responses before the due date.
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Q1. Find the Total Gross Margin for the following "example" farm plan: 250 acres of cotton, 100 acres of Milo on high- quality cropland, 150 acres of wheat on both high and low quality cropland (300 acres in total), and 100 head of cattle. Is this plan ‘feasible’? Why or why not? (12. Find the "Optimal" Enterprise Combination to this linear programming problem. (a) What is the Total Gross Margin for the optimal plan? (b) What is the optimal level of each enterprise? (c) What amount of each resource is used? (d) Is this plan feasible? Why or why not? 0.3. Find "dual" values for the Optimal Enterprise Combination: (a) What are the shadow prices for the resources? What do the shadow prices mean and why? (b) What are the reduced cost values on activities? What do they mean and why?
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Enterprises C ass A cropping Class B cropping Livestock Cotton Milo Wheat Milo Wheat Cows Stockers Resources Resource (acres) (acres) (acres) (acres) (acres) (head) (head) Used for Plan Availability Units Resource Use COTTONA MILOA WHEATA MILOB WHEATB COWS STKRS acres Class A cropland 1 1 1 0 s 400 acres Class B cropland 1 1 0.5 0 s 200 acres Pasture 6 3 0 s 600 hours Labor 4 3 2.5 3 2.5 6 1 0 s 2400 dollars Operating Capital 250 100 80 80 65 470 550 0 s 500000 acres Cotton rotation req 1 -1 -1 0 s 0 Gross Margin Calculation Yield 500 80 52 66 36 Price/Unit 0.8 2.5 3.75 2.5 3.75 Gross income 400 200 195 165 135 675 620 Total Var Cost 250 100 80 80 65 470 550 Objective to Maximize Gross Margin 150 100 115 85 70 205 70 $0 ITotal Gross Margin Select enterprise levels Legend: Resource available (Data to be entered) Resource use per enterprise (Data to be entered) Intermediate calculations (Calculated by Excel) Decision Variables (To be chosen/entered OR or found using Solver) Results of chosen plan (Calculated by Excel)
