Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

4 Two types of resources, X and Y, are used to build a profit-making certain civil engineering facility. Due to inflation and uncertainty of supply,

4 Two types of resources, X and Y, are used to build a profit-making certain civil engineering facility. Due to inflation and uncertainty of supply, their unit prices change with time. When the unit price of Y is $7 million and the unit price of X is $6 million, the total cost must not exceed 42 million dollars. When the unit price of Y is $3million and the unit price of X is $8 million, the total cost must not exceed 24 million dollars. The amount of Y used must not exceed the number of X used less 2. Also, X and Y cannot be negative. From experience, it has been found that the overall revenue W, is given by the function 3X + 10Y. It is sought to maximize the revenue. (a) Write the objective function and the constraints. (b) Solve the optimization problem using a sketch (graphical method) Solve this problem manually

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M

5th Canadian edition

9781259105692, 978-1259103285

Students also viewed these Economics questions