Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A firm offers three different prices on its products, depending upon the quantity purchased. Since available resources are limited, the firm would like to prepare
- A firm offers three different prices on its products, depending upon the quantity purchased. Since available resources are limited, the firm would like to prepare an optimal production plan to maximize profits. Product 1 has the following profitability: $11 each for the first 55 units, $10 each for units 56110, and $9 for each unit over 110. Product 2s profitability is $19 each for the first 30 units, $18 each for units 3160, and $17 each for each unit over 60. The products each require 3 raw materials to produce (see table below for usages and available quantities).
Raw Material | Product 1 usage (pounds per unit) | Product 2 usage (pounds per unit) | Available Quantity (pounds) |
A | 7 | 3 | 6 |
B | 14 | 12 | 15 |
C | 1,300 | 1,500 | 2,500 |
Use separable programming to find the optimal production plan.
(Leave no cells blank be certain to enter "0" wherever required. Round all quantities to the nearest whole number and round your profits to 2 decimal places. )
Units of Product 1 and | Units of Product 2. | The total profit from this plan will be |
please help me set this up in excel
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started