4. A retired couple supplement their income by making fruit pies, which they sal
ID: 1109169 • Letter: 4
Question
4. A retired couple supplement their income by making fruit pies, which they sale to a local grocery store. During the month of September, they produce apple and grape pies. The apple pies are sold for S5.50 to the grocer, and grape pies are sold for $5.20. The couple is able to sell all of the pies they produce. They use flour and sugar which purchase monthly. For the month of September they have 1200 cup of sugar and 2100 cups of flour. Each apple pie requires 1.5 cups of sugar and 3 cups of flour, and each grape pie requires 2 cups of sugar and 3 cups of flour. The couple want to work no more than 60 hours making pies. Each apple pie takes 7.5 minutes and each grape pie takes 3 minutes to make. a. Determine the number of grape and apple pies that will maximize the revenues. b. Determine the amounts of sugar, flour, and time that will be unused.Explanation / Answer
Answer 4. a.
Apple Pie is sold in $5.50 and it takes 7.5 minutes and 1.5 cups sugar & 3 cups flour
Hence, retried couple makes 300 Apple Pies for which they used below quantity:
300 Apple Pies: 450 cups sugar and 900 cups flour
Time consumed: 7.5 minutes * 300 Apple Pie equals 2250 minutes
Revenue from Apple Pies: 300*$5.50 = $1650
Grape Pie is sold in $5.20 and it takes 3 minutes and 2 cups sugar & 3 cups flour
Hence, retried couple makes 350 Grape Pies for which they used below quantity:
350 Grape Pies: 700 cups sugar and 1050 cups flour
Time consumed: 3 minutes * 350 Grape Pies equals 1050 minutes
Revenue from Grape Pies: 350*$5.20 = $1820
Hence total number of Apple and Grape Pies to maximise Revenue is below:
Apple Pies = 300 and revenue = $1650
Grape Pies = 350 and revenue = $1820
Hence total maximum revenue is $3470 (1650+1820)
Answer 4. b.
Out of 1200 cups of sugar, 50 cups are left since Apple Pie used 450 cups and Grape Pie 700 cups i.e. 1200 – (450+700) = 50 cups
Out of 2100 cups pf flour, 150 cups are left, since Apple Pie used 900 cups and Grape Pie 1050 cups i.e. 2100 – (900+1050) = 150 cups
Retired Couple wanted to work not more than 60 hours i.e.3600 minutes.
Out of 3600 minutes, 300 minutes are left, since Apple Pie consumed 2250 minutes and Grape Pies consumed 1050 minutes i.e. 3600 – (2250+1050) = 300 minutes
Answer 10. Economists are unanimous that foreign aid greatly help DVCs.
This statement is FALSE. Since 1990, foreign aid provided by government has declined but it again increased in 2000-2008 period but it does not come all at once.
Answer 11. Below is the list of four categories used by the World Bank to classify nations on the basis of national per capita income.
a. High-income Group
b. Upper-middle-income Group
c. Lower-middle-income Group
d. Low-income Group
Answer 12. Below is the list of three IAC's.
IAC’s means Industrially advanced countries i.e. high-income countries that have developed market economy on the basis of skilled labour, technological advanced capital goods. Apart from below 3 countries, it includes western European nations too.
United States
Canada
Japan
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