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An LCD TV manufacturer produces high-definition sets for the consumer market. Sales have not yet begun to stabilize, so the production manager must come up
An LCD TV manufacturer produces high-definition sets for the consumer market. Sales have not yet begun to stabilize, so the production manager must come up with a production plan to handle to projected demand given in the table below: Month Demand Forecast January 220 February 200 March 260 April 190 Inventory cost is $10/unit/month Subcontracting cost is $90/unit Hiring and training cost is $500/worker Layoff cost is $200/worker Labor Hours required is 4 hours/unit Regular wage cost is $13/hour Overtime is $19/hour The on-hand inventory, December 31st was 200 units. Each employed worker works for 8 hours per day in regular time and 25 days a month. Overtime cannot exceed 10% of regular time. Formulate an LP problem by identifying decision variables and expressing the objective function and constraints (workforce, production, demand satisfaction, overtime) in mathematical format
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