Problem 5 should be graphed (the feasible region). Notice that the second constraint has a "greater than" sign. What is the problem here? How would you describe this problem in real production terms?
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- Cutlery Corner sells specialty knives to knife enthusiasts. They have a generous advertising budget to spread among four media channels: their recurring TV show, newspaper ads, radio spots, and social media. Tom, the owner and star of the TV show is adamant that the show air at least twice a day, seven days a week but decides you can allocate the rest of the budget as you see fit. The TV shows draws 20,000 interested viewers per airing and costs $2,000 per episode. Daily newspaper ads cost $1500 and can be run up to seven days a week. Given the level of readership for newspapers, you settle on a figure of 10,000 people reached per ad. Radio spots come in 15 second and 30 second durations – 15 second spots in drive time cost $500 per airing and 30 second spots any other time of the day are a relative bargain at $250. Drive time spots are available twice a day (morning and evening commute) five days a week and reach 12,000, and the "any other time" spots could air up to six times a day…A renowned chocolatier, Francesco Schroeder, makes three kinds of chocolate confectionery: artisanal truffles, handcrafted chocolate nuggets, and premium gourmet chocolate bars. He uses the highest quality of cacao butter, dairy cream, and honey as the main Ingredients. Francesco makes his chocolates each morning, and they are usually sold out by the early afternoon. For a pound of artisanal truffles, Francesco uses 1 cup of cacao butter, 1 cup of honey, and 1/2 cup of cream. The handcrafted nuggets are milk chocolate and take 1/2 cup of cacao, 2/3 cup of honey, and 2/3 cup of cream for each pound. Each pound of the chocolate bars uses 1 cup of cacao butter, 1/2 cup of honey, and 1/2 cup of cream. One pound of truffles, nuggets, and chocolate bars can be purchased for $35, $25, and $20, respectively. A local store places a daily order of 10 pounds of chocolate nuggets, which means that Francesco needs to make at least 10 pounds of the chocolate nuggets each day. Before sunrise each…A payoff matrix has to be prepared with three alternative products Α1 , Α2 and Α3 . The respective cost costs of these products are K2, K2.50 and K4 per unit and their sale prices are K3, K4 and K5 per unit respectively. The normal production capacity of the plant for production of each of the products Α1 , Α2 and Α3 is 3,000, 2,000 and 1,000 units respectively. i. Showing all the working clearly, prepare the payoff table if the states of demand are high (S1 ) , moderate (S2 ) and low (S3 ) with respective demand levels of 3,000, 2,000 and 1, 000 units. The stocks unsold will be worth half the cost price for the next period. ii. What is the maximax decision? iii. What is the maximin decision? iv. What is equally likely decision? v. What is the criterion of realism decision? Use α = 0.8 vi. Develop an opportunity loss table and determine the minimax decision.
- A fruit juice manufacturer has recently begun negotiations with brokers in the areas where it intends to distribute its products. Before finalizing the agreements, however, the manager wants to determine shipping routes and costs. The firm has three plants with the capacities as shown below: Estimate demands in each of the warehouse localities are: PLANT CAPACITY (PIECES PER WEEK) WAREHOUSE 1 2 3 400 800 600 A B C D DEMAND (PIECES PER WEEK) 900 200 400 300 The estimated ship cost per box for the various routes are: ΤΟ FROM A B C D 1 5 7 9 12 2 10 7 2 3 3 8 9 6 4 Row/Column Opportunity Cost Demand Row/Column Cell Total Cost Opportunity Cost Cost of the above Test of unallocated Cells allocation Supply Amount charA company can purchase component H from 3 potential suppliers. Supplier A charges a fee of $5.50 per component. Supplier B charges $1500 per order plus $2.00 per component ordered. Supplier C charges $4.00 per component, and requires the buyerto pay for at least 280 components (even if the order size is less than 280). ANSWER THE FOLLOWING QUESTIONS: 4) What is the full range of order sizes where each supplier is optimal?5) The company decided to buy 300 units of component H from supplier A. How much money could the company have saved if it purchased the 300 units from supplier C instead of supplier A?6) Next week supplier B will be running a 10% off special. If the company needs to purchase 600 units of component H during the special, which supplier should be chosen?Please look at the ORIGINAL information for U.S. Pharmaceutical below. But now St. Louis needs only 9 units and New York has only 12 units available (UPDATED information). Please MODIFY the Excel file for Linear Programming (POSTED) and RESOLVE. The UPDATED / NEW total cost of shipment for U.S. Pharmaceutical will be: FACTORY Indianapolis Phoenix New York Atlanta SUPPLY 15 6 14 11 WAREHOUSE Columbus St. Louis Denver Los Angeles DEMAND 10 12 15 9 FROM Indianapolis Phoenix New York. Atlanta SHIPPING COSTS PER CASE (IN DOLLARS) To ST. LOUIS To COLUMBUS $25 55 40 30 $35 30 50 40 To DENVER $36 25 80 66 To LOS ANGELES $60 25 90 75
- Asap ppz Three electricity generating firms are competing in the market with the inverse demand given by P[Q) = 21-Q. All firms have constant marginal costs. Firm 1's marginal cost is MC=5; it has a capacity constraint of K1= 5 units. Firm 2's marginal cost is MC 8; it has a capacity constraint of K2 = 3 units. Firm 3's marginal cost is MC = 10; it has a capacity constraint of K3= 3 units.A. The three firms compete in the style of Cournot. Please compute the Nash equilibrium quantities. Also compute the price in the Nash equilibrium.B. Which of these firms would have produced a larger quantity if it had a larger capacity? Please explain.The DellaVecchia Garden Center purchases and sells Christmas trees during the holiday season. It purchases the trees for $10 each and sells them for $20 each. Any trees not sold by Christmas day are sold for $2 each to a company that makes wood chips. The garden center estimates that four levels of demand are possible: 100, 200, 500, and 1,000 trees.a. Compute the payoffs for purchasing 100, 200, 500, or1,000 trees for each of the four levels of demand.b. Construct a payoff table, indicating the events and alternative courses of action.c. Construct a decision tree.d. Construct an opportunity loss table. Use the Optimistic (maximax) to choose the best choice.e.Use the Pessimistic (maximin) to choose the best choice.f.Use the Criterion of realism (Hurwicz) to choose the best choice. α = 0.6g.Use the Equally likely (Laplace) to choose the best choice.h.Use the Minimax regret to choose the best choice.i.Use the expected monetary value to make a choice. ( Probability for the four level…The DellaVecchia Garden Center purchases and sells Christmas trees during the holiday season. It purchases the trees for $10 each and sells them for $20 each. Any trees not sold by Christmas day are sold for $2 each to a company that makes wood chips. The garden center estimates that four levels of demand are possible: 100, 200, 500, and 1,000 trees.a. Compute the payoffs for purchasing 100, 200, 500, or1,000 trees for each of the four levels of demand.b. Construct a payoff table, indicating the events and alternative courses of action.c. Construct a decision tree.d. Construct an opportunity loss table. Use the Optimistic (maximax) to choose the best choice.e.Use the Pessimistic (maximin) to choose the best choice.f.Use the Criterion of realism (Hurwicz) to choose the best choice. α = 0.6g.Use the Equally likely (Laplace) to choose the best choice. h.Use the Minimax regret to choose the best choice.i.Use the expected monetary value to make a choice. ( Probability for the four level…
- A retail has 8 stores supplied from 4 suppliers, where each supplier supplies different goods. Delivery from the Supplier is in trucks with a capacity of 40,000 units at a cost of $1100 per load plus $100 per delivery to the store. Inventory costs are $0.2 per unit per year. The Supply Chain Manager is considering whether to use direct shipping or Milk Run delivery for 4 stores for each truck in one shipment a) if annual sales in each store are 1000,000 units, which shipping method provides the lower cost b) if the annual sales in each store are 200,000 units, which shipping method provides the lower costA chef must decide how many chocolate lava cakes to prepare for the upcoming Mother's Day Dinner special. The chef can either prepare 50, 100, or 150 lava cakes. Assume that demand for the lava cakes can be 50, 100, or 150. Each dish costs $5 to make and is priced at for $7 on the menu. Unsold cakes are donated to a nearby charity center. Assume that there is no opportunity cost for lost sales. Which alternative should be chosen based on the maximax criterion?How would you write the optimal solution for these?