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Monograph makes costume jewelry. The Monograph product line consists of earrings, pendant necklaces, and rings. Management wants to make the amount of each product
Monograph makes costume jewelry. The Monograph product line consists of earrings, pendant necklaces, and rings. Management wants to make the amount of each product so as to maximize profits. Each type of product is routed through manufacturing and packaging. The relevant data for each product are as follows: Product Earrings (pair) Necklaces Rings Processing time (hours) Manufacturing Packaging Material Costs 11 3 $4 3 9 11 $6 6 $3 Manufacturing has 135 hours of capacity, Packaging has 187 hours of capacity, and we have a materials budget of $351. Each pair of earrings contributes $86 to profits; each necklace, $30; and each ring, $79. Formulate the problem algebraically a linear programming model for this problem. (5 marks) b. Solve this problem using Excel. (5 marks)
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