Business Analytics Assignment 1.pdf - Business Analytics Assignment 1 ADM2302 October 1st 2017 Prof Davood Astaraky Question 1 A 0.25 represents the

Business Analytics Assignment 1.pdf - Business Analytics...

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Business Analytics Assignment 1 ADM2302 October 1 st 2017 Prof. Davood Astaraky Question 1: A) 0.25 represents the sale price of product 1
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B) 0.30 represents the sale of product 2. x2 represents the number of product 2 sold. C) The constraint of 160 minutes represents that only a maximum of 160 minutes can be spent processing products in process 1 D) 4.8 represents the amount of time spent processing per product (product 1) in process 3 Question 2: A) The feasible region is the shaded area on the graph. (Shown in graph below) B) To obtain a max profit of $24,100 M&C Chemicals must produce 22 of product 1 and 62 of product 2 (shown in picture above) C) Process 2 and 3 are binding (coefficient=0), while process 1 is not binding and has a slack of 26.8 (calculations done in picture below)
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D) Process 1 has a slack variable, making it a redundant constraint. To get to the optimal solution process 1 will take 133 minutes, 27 minutes less than the maximum available (160 minutes) E) Question 3: A) Formulation 4 has more than one optimal solution. As you can see the maximize function
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  • Fall '05
  • EL
  • Business, Optimization, feasible region, 2L, $24,100, Prof. Davood Astaraky, $17,375

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