Suppose the firm in this example considers a second product that has a unit profit of $5 and requires 2 hours of
production time for each unit produced. Use y as the number of units of product 2 produced.
Show the mathematical model when both product
Division of Business Programs/SCPS
New York University
Quantitative Methods for Decision-Makers
Tuesday and Thursday: 6:00 PM to 9:00 PM.
October 21 through December 12.
No class Thursday, November 27.
Embassy Club Condominium, located on the west coast of Florida, is undertaking a summer renovation of its
main building. The project is scheduled to begin May 1, and a September 1 (17-week) completion date is
desired. The condominium manager identified
Identify the feasible region for the following set of constraints:
The feasible region for the constraints is the intersection area of the three lines in the graph below. The
shadowed triangle in the middle of the graph is the feasible solution for this
Tri-County Utilities, Inc., supplies natural gas to customers in a three-county area. The company purchases
natural gas from two companies: Southern Gas and Northwest Gas. Demand forecasts for the coming winter
season are as follows: Hamilton County, 40
The following profit payoff table was presented in Problem 1. Suppose that the decision maker obtained the
probability assessments P(s1) = 0.65, P(s2) = 0.15, and P(s3) = 0.20. Use the expected value approach to
determine the optimal decision.