(1) McOrange Inc. produces orange juice from three different grades of oranges. Oranges are graded 1(poor), 2 (medium), 3 (good) depending on their quality. The company produces three different types of orange juice (OJ) from these oranges: Superior, Premium and Regular. The demand of each orange juice type is unlimited (whatever can be produced, can be sold accordingly). Grade Juice (It/kg) Current Stock (kg) 1 (Poor) 0.4 100 2 (Medium) 0.5 150 3 (Good) 0.6 200 Production Requirements and Profit Information Juice Type Minimum Average Grade Minimum Daily Production Levels Profit (TL/It) (It) Superior Premium Regular 2.4 45 1.5 2.2 60 1. 2 100 0.75 Each juice type requires a minimum average grade and minimum daily production amount (in liters) which are given in the table above. On the other hand, the amount of juice obtained from each grade of orange and their current stock levels are given. The aim is to maximize the total profit of McOrange Inc. while meeting all the production requirements. (a) Formulate the problem as an LP. Clearly define your decision variables, objective function and the constraints. Do not forget the sign restrictions if there are any.
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
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