A company manufactures two types of products. Each product type needs a turning process at the lathe and a millingprocess at the milling machine. If the lathe is used for type 1 products only, it can process 500 units in a day. If the latheis used for type 2 products only, it can process 300 units in a day. If the milling machine is used for type 1 products only, itcan proces 900 units in a day. If the milling machine is used for type 2 products only, it can process 450 units in a day. Theunit profits for product types 1 and 2 are $50 and $75, respectively. Formulate an LP that will maximize the company's dailyprofit.(a)Decision variables?(b)Objective and objective function?(c)Constraints?

Here we have (A) Decision Variables :Number of Type 1 Products = T1Number of Type 2 Products = T2

Answered: A company manufactures two types of…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter10: Introduction To Simulation Modeling

Section: Chapter Questions

Problem 41P: At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 =...

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At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.
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