Iron Works, Inc. manufactures two products made from steel and receives 2000 pounds of steel each month. It takes 2 pounds steel to make a unit of product 1, and it takes 3 pounds of steel to make a unit of product 2. The unit profits for product 1 and product 2 are $100 and $200, respectively. Each month the manufacturer has a contract calling for at least 60 units of product 1. At most 720 units of product 2 may be produced by the firm's facilities. Using the steps for optimization modeling based on chapter 4 of the data smart text, find the monthly production quantities of product 1 and product 2 to maximize profit from these products. Submit your solution as an excel file.
Iron Works, Inc. manufactures two products made from steel and receives 2000 pounds of steel each month. It takes 2 pounds steel to make a unit of product 1, and it takes 3 pounds of steel to make a unit of product 2. The unit profits for product 1 and product 2 are $100 and $200, respectively. Each month the manufacturer has a contract calling for at least 60 units of product 1. At most 720 units of product 2 may be produced by the firm's facilities. Using the steps for optimization modeling based on chapter 4 of the data smart text, find the monthly production quantities of product 1 and product 2 to maximize profit from these products. Submit your solution as an excel file.
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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![Homework 2 is based on the chapter 4 (linear programing) of the data smart text and consist of only 1 question. The problem
statement is as stated below:
Iron Works, Inc. manufactures two products made from steel and receives 2000 pounds of steel each month. It takes 2 pounds of
steel to make a unit of product 1, and it takes 3 pounds of steel to make a unit of product 2. The unit profits for product 1 and
product 2 are $100 and $200, respectively. Each month the manufacturer has a contract calling for at least 60 units of product 1. At
most 720 units of product 2 may be produced by the firm's facilities. Using the steps for optimization modeling based on chapter 4
of the data smart text, find the monthly production quantities of product 1 and product 2 to maximize profit from these products.
Submit your solution as an excel file.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff48b363-06e5-4085-b467-38e090de3cc0%2F8a3d4659-29f3-48c9-95ff-71a24b975e9e%2F9rikeak_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Homework 2 is based on the chapter 4 (linear programing) of the data smart text and consist of only 1 question. The problem
statement is as stated below:
Iron Works, Inc. manufactures two products made from steel and receives 2000 pounds of steel each month. It takes 2 pounds of
steel to make a unit of product 1, and it takes 3 pounds of steel to make a unit of product 2. The unit profits for product 1 and
product 2 are $100 and $200, respectively. Each month the manufacturer has a contract calling for at least 60 units of product 1. At
most 720 units of product 2 may be produced by the firm's facilities. Using the steps for optimization modeling based on chapter 4
of the data smart text, find the monthly production quantities of product 1 and product 2 to maximize profit from these products.
Submit your solution as an excel file.
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