A small firm manufactures gold rings and chains. Total number of rings and chains produced per day cannot exceed 24. It takes 1 hour to make a ring and 30 minutes to make a chain. Maximum number of hours available per day is 16. Profit on a ring is Rs 300 and on a chain is Rs 190. Find how many of each should be produced daily to maximize profit.
Step-by-Step Solution
Key Concept: Rings x, Chains y. Maximize P = 300x + 190y. Constraints: x + y <= 24, x + 0.5y <= 16 => 2x + y <= 32, x, y >= 0. Corner points (0,0), (16,0), (8,16), (0,24). Max Profit = Rs 5,440 at x = 8 rings and y = 16 chains.
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Correct Answer: