Perth Mining Company operates two mines for the purpose of extracting gold and s

Question

Perth Mining Company operates two mines for the purpose of extracting gold and silver. The Saddle Mine costs doller 16,000/day to operate, and it yields 50 oz of gold and 3000 oz of silver each of x day. The Horseshoe Mine cost dollar 18,000/day to operate, and it yields 75 of gold and 1000 oz of silver each of y day. Company management has set a target of at least 650 oz of gold and 18,000 oz of silver. How many days should each mine be operated so that the target can be met at a minimum cost? (x, y) What is the minimum cost?

Explanation / Answer

(x,y)=(4,6)

minimum cost=4*16,000+6*18,000

=64000+108000

= 1,72,000 dollars

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