Mid_term_solution

Mid_term_solution - IELM 202 1. Midterm Solution 1/6/11 (a)...

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IELM 202 Midterm Solution 1/6/11 1. (a) The optimal solution is to produce no chocolate ice cream, 300 gallons of vanilla ice cream, and 75 gallons of banana ice cream. Total profit will be $341.25. (b) The optimal solution will change since $1.00 is outside the allowable range of $(0.95- 0.05) to $(0.95 + 0.021429). The profit will go up, but how much can’t be determined without re-solving. (c) The optimal solution will not change since $0.92 is within the allowable range. The total profit will decrease by (75)$0.03 = $2.25 to $339. (d) The optimal solution will change. Since the change is within the allowable range (the allowable decrease is 3.75), we can calculate the change in profit using the shadow price (1*3 = 3). The new profit will be $338.25. 2. Solution for formulation: The decision variables can be denoted and defined as follows: M = number of men’s gloves to produce per week, W = number of women’s gloves to produce per week, C = number of children’s gloves to produce per week,
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This note was uploaded on 01/05/2011 for the course IELM IELM202 taught by Professor D during the Fall '10 term at HKUST.

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Mid_term_solution - IELM 202 1. Midterm Solution 1/6/11 (a)...

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