A company makes 2 products A and B from 2 resources. The products have the following resource requirements and produce the accompanying profits. The available quantity of resources is also shown in the table. Management has developed the following set of goals Product 1 2 avail resources labor (hr/unit) 3 2 150 material (ounce/unit) 1 2 200 Profit($/unit) 7 6 Goal 1: Produce approximately 40 units of product 1. Goal 2: Produce approximately 70 units of product 2. Goal 3: Achieve a profit over $400. Goal 4: Consume less than 150 hours of labor Goal 5: Consume less than 200 ounces of material If the manager now wants to implement the MINIMAX objective, what would be the new objective function and the
A company makes 2 products A and B from 2 resources. The products have the following resource requirements and produce the accompanying profits. The available quantity of resources is also shown in the table. Management has developed the following set of goals Product 1 2 avail resources labor (hr/unit) 3 2 150 material (ounce/unit) 1 2 200 Profit($/unit) 7 6 Goal 1: Produce approximately 40 units of product 1. Goal 2: Produce approximately 70 units of product 2. Goal 3: Achieve a profit over $400. Goal 4: Consume less than 150 hours of labor Goal 5: Consume less than 200 ounces of material If the manager now wants to implement the MINIMAX objective, what would be the new objective function and the
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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A company makes 2 products A and B from 2 resources. The products have the following resource requirements and produce the accompanying profits. The available quantity of resources is also shown in the table.
Management has developed the following set of goals
| Product | 1 | 2 | avail resources |
| labor (hr/unit) | 3 | 2 | 150 |
| material (ounce/unit) | 1 | 2 | 200 |
| Profit($/unit) | 7 | 6 |
Goal 1: Produce approximately 40 units of product 1.
Goal 2: Produce approximately 70 units of product 2.
Goal 3: Achieve a profit over $400.
Goal 4: Consume less than 150 hours of labor
Goal 5: Consume less than 200 ounces of material
If the manager now wants to implement the MINIMAX objective, what would be the new objective function and the
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