Homework Help is Here – Start Your Trial Now!
Business
Operations Management
Write down the constrained optimization problem as a function of the Objective Function. Then, on a precise grid, illustrate the constraints and show how you can determine the solution to the problem given the constraints.

Write down the constrained optimization problem as a function of the Objective Function. Then, on a precise grid, illustrate the constraints and show how you can determine the solution to the problem given the constraints.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter3: Introduction To Optimization Modeling
Section: Chapter Questions
Problem 1C
See similar textbooks
icon
Related questions
Question
A company makes two different products: A and B. The company gains a profit of $30 per unit of A and a profit of $40 per unit of B. The company uses three different inputs to create A and B; inputs X, Y and Z. For input X, one unit of X produces one unit of A, and one unit of X produces one unit of B. The firm has 7 units of X. For Input Y the firm needs 0.5 units of Y per unit of A, and one unit of Y per unit of B. The company has 5 units of Y. Input Z is not required to create good A, but the company does needs 0.5 units of Z to produce one unit of B. The company has 2 units of Z. The company wants to maximize its profit while adhering to these input constraints. Write down the constrained optimization problem as a function of the Objective Function. Then, on a precise grid, illustrate the constraints and show how you can determine the solution to the problem given the constraints.
Transcribed Image Text:A company makes two different products: A and B. The company gains a profit of $30 per unit of A and a profit of $40 per unit of B. The company uses three different inputs to create A and B; inputs X, Y and Z. For input X, one unit of X produces one unit of A, and one unit of X produces one unit of B. The firm has 7 units of X. For Input Y the firm needs 0.5 units of Y per unit of A, and one unit of Y per unit of B. The company has 5 units of Y. Input Z is not required to create good A, but the company does needs 0.5 units of Z to produce one unit of B. The company has 2 units of Z. The company wants to maximize its profit while adhering to these input constraints. Write down the constrained optimization problem as a function of the Objective Function. Then, on a precise grid, illustrate the constraints and show how you can determine the solution to the problem given the constraints.
Expert Solution
steps

Step by step

Solved in 8 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
SEE MORE TEXTBOOKS