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Develop a simple application of two- variable linear programming problem to find an optimal product mix in a 'realistic' context. Specify the resources to be considered and the resource demand requirements, market considerations, technical considerations, managerial policies, and any other relevant factors, and formulate the linear programming problem using realistic assumptions or estimates of the same. Find the optimal solution of your linear programming problem and discuss its sensitivity analysis and managerial implications.

Develop a simple application of two- variable linear programming problem to find an optimal product mix in a 'realistic' context. Specify the resources to be considered and the resource demand requirements, market considerations, technical considerations, managerial policies, and any other relevant factors, and formulate the linear programming problem using realistic assumptions or estimates of the same. Find the optimal solution of your linear programming problem and discuss its sensitivity analysis and managerial implications.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Develop a simple application of two- variable linear programming problem to find an optimal product mix in a 'realistic' context. Specify the resources to be considered and the resource demand requirements, market considerations, technical considerations, managerial policies, and any other relevant factors, and formulate the linear programming problem using realistic assumptions or estimates of the same. Find the optimal solution of your linear programming problem and discuss its sensitivity analysis and managerial implications.
Transcribed Image Text:Develop a simple application of two- variable linear programming problem to find an optimal product mix in a 'realistic' context. Specify the resources to be considered and the resource demand requirements, market considerations, technical considerations, managerial policies, and any other relevant factors, and formulate the linear programming problem using realistic assumptions or estimates of the same. Find the optimal solution of your linear programming problem and discuss its sensitivity analysis and managerial implications.
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