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Linear Optimization Question 2. The table below records data of the daily production and the daily production costs of widgets. The company believes that the
Linear Optimization Question
2. The table below records data of the daily production and the daily production costs of widgets. The company believes that the daily production and the daily production costs are related as follows productioncost=aproduction+b for some constants a and b. The company wants to find a and b which minimize the maximum error (in the absolute value) incurred in estimating daily production costs. For example, if a=2 and b=1000, then the error would be $2000 for day 1,$2000 for day 2 , $1000 for day 3,$0 for day 4 and $1000 for day 5 , hence the maximum error would be $2000. Formulate an LP that can be used to find the optimal a and b. You do not need to solve the problem! Hint. Your LP should have just 3 variables: a,b and the maximum error EStep by Step Solution
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