Question
Create convex or concave optimization problem(s) with the following prompt: A resturuant is trying to maximize profits and minimize costs. The variables at use here
Create convex or concave optimization problem(s) with the following prompt:
A resturuant is trying to maximize profits and minimize costs. The variables at use here are:
a) Workers Wages
All empoyees work for the same hourly wage of $8 / hr and work for 8 hours. Minimal 3 are needed at all times of operation.
b) Menu Cost
Cost of food needs to be considered as larger menus require more food which means more waste but possibly more customers per hour.
c) Operating Hours
Hours of operation need to be considered for maximal customers per hour. Opening too early or too late result in losses that dont justify the operating costs.
Add in your own values and metrics as needed in order to satisfy criteria for optimization of these 3 variables. Feel free to use CVX in MATLAB as well.
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