Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An electronics company manufactures two types of products: component 1 and component 2 Producing a component 1, requires 1 unit of raw material 1, 3

image text in transcribed
An electronics company manufactures two types of products: component 1 and component 2 Producing a component 1, requires 1 unit of raw material 1, 3 units of raw material 2 and 2 hours of labor time. Producing a component 2 2 units of raw material 1.2 units of raw material 2, and 3 hours of labor time are required. Profits for per product are $8 and $12 foe component 1 and component 2 respectively. The company has available 40 units of raw material 1. 50 units of raw material 2 and 70 hours of labor time. Besides, the company expects the demand for component 1 is 10 and demand for component 2 is 15. The company has established the following goals, in order of their importance 1) The company wants to avoid undertilization of labor hours. 2) The company wants to limit the additional labor hours with 10 hours. 3) The company sets a minimum amount of profit $500 4) The company does not want have too many units left on hand for raw material 1. 5) The company wants to avoid avertization of raw material 2 5) The company wants to minimize the unmet demand of component 1 and component 2 However, this goal should be weighted according to the profits of the components Formulate a goal programming model to determine how many of each type of component should be produced

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions