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Problem 5. Formulate the following situation as a linear optimization problem. Your company makes widgets, and you want to maximize profit. However, the cost of labor, availability of material, product demand, and selling price are different during different quarters of the year (i.c. January-March, April-June, July-September, October-December). This information is collected in the table below. quarter of cost to produce the year maximum production a widget in $ based on material available demand 600 1200 900 product | selling price in $ 180 250 250 300 2 3 4 40 60 60 400 1000 1200 1000 40 500 Additionally, any widget you produce can be sold during the current quarter or during a later quarter. If you do not sell a widget during the current quarter, you must pay $10 to store the widget until next quarter.

Problem 5. Formulate the following situation as a linear optimization problem. Your company makes widgets, and you want to maximize profit. However, the cost of labor, availability of material, product demand, and selling price are different during different quarters of the year (i.c. January-March, April-June, July-September, October-December). This information is collected in the table below. quarter of cost to produce the year maximum production a widget in $ based on material available demand 600 1200 900 product | selling price in $ 180 250 250 300 2 3 4 40 60 60 400 1000 1200 1000 40 500 Additionally, any widget you produce can be sold during the current quarter or during a later quarter. If you do not sell a widget during the current quarter, you must pay $10 to store the widget until next quarter.

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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Problem 5. Formulate the following situation as a linear optimization problem. Your company makes widgets, and you want to maximize profit. However, the cost of labor, availability of material, product demand, and selling price are different during different quarters of the year (i.e. January-March, April-June, July-September, October-December). This information is collected in the table below. TT TIT quarter of cost to produce the year product selling price in $ 180 maximum production a widget in $ based on material available demand 400 1000 1200 40 600 2 60 1200 250 3 60 900 250 40 500 1000 300 Additionally, any widget you produce can be sold during the current quarter or during a later quarter. If you do not sell a widget during the current quarter, you must pay $10 to store the widget until next quarter.
Transcribed Image Text:Problem 5. Formulate the following situation as a linear optimization problem. Your company makes widgets, and you want to maximize profit. However, the cost of labor, availability of material, product demand, and selling price are different during different quarters of the year (i.e. January-March, April-June, July-September, October-December). This information is collected in the table below. TT TIT quarter of cost to produce the year product selling price in $ 180 maximum production a widget in $ based on material available demand 400 1000 1200 40 600 2 60 1200 250 3 60 900 250 40 500 1000 300 Additionally, any widget you produce can be sold during the current quarter or during a later quarter. If you do not sell a widget during the current quarter, you must pay $10 to store the widget until next quarter.
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