Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
STL Furniture produces three types of chairs: A, B, C. These chairs sell for A-$1.250, B $800, C-$600, The general manager wants to determine how many chairs to build of each type during the next quarter. Model A requires 5 hours to build, while model b requires 4 hours and model C requires 3 hours, the company has 8000 labor hours available, and each hour of labor costs 75 dollars. In order to sell these chairs, the company has to pay a one-time licensing fee for the design which is different for each of the models: A-$125, B-$200, C-$100. In order to guarantee that there is enough variety available for customers, the company has decided to produce a minimum of 300 units for each model. Develop a linear model with binary variables that can be used to maximize the company's profit, correctly accounting for fixed costs and staying within resource availabilities. What is the profit for the optimal solution?

STL Furniture produces three types of chairs: A, B, C. These chairs sell for A-$1.250, B $800, C-$600, The general manager wants to determine how many chairs to build of each type during the next quarter. Model A requires 5 hours to build, while model b requires 4 hours and model C requires 3 hours, the company has 8000 labor hours available, and each hour of labor costs 75 dollars. In order to sell these chairs, the company has to pay a one-time licensing fee for the design which is different for each of the models: A-$125, B-$200, C-$100. In order to guarantee that there is enough variety available for customers, the company has decided to produce a minimum of 300 units for each model. Develop a linear model with binary variables that can be used to maximize the company's profit, correctly accounting for fixed costs and staying within resource availabilities. What is the profit for the optimal solution?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
See similar textbooks
icon
Related questions
Question
STL Furniture produces three types of chairs: A, B, C. These chairs sell for A-$1.250, B $800, C-$600, The general manager wants to determine how many chairs to build of each type during the next quarter. Model A requires 5 hours to build, while model b requires 4 hours and model C requires 3 hours, the company has 8000 labor hours available, and each hour of labor costs 75 dollars. In order to sell these chairs, the company has to pay a one-time licensing fee for the design which is different for each of the models: A-$125, B-$200, C-$100. In order to guarantee that there is enough variety available for customers, the company has decided to produce a minimum of 300 units for each model. Develop a linear model with binary variables that can be used to maximize the company's profit, correctly accounting for fixed costs and staying within resource availabilities. What is the profit for the optimal solution?
Transcribed Image Text:STL Furniture produces three types of chairs: A, B, C. These chairs sell for A-$1.250, B $800, C-$600, The general manager wants to determine how many chairs to build of each type during the next quarter. Model A requires 5 hours to build, while model b requires 4 hours and model C requires 3 hours, the company has 8000 labor hours available, and each hour of labor costs 75 dollars. In order to sell these chairs, the company has to pay a one-time licensing fee for the design which is different for each of the models: A-$125, B-$200, C-$100. In order to guarantee that there is enough variety available for customers, the company has decided to produce a minimum of 300 units for each model. Develop a linear model with binary variables that can be used to maximize the company's profit, correctly accounting for fixed costs and staying within resource availabilities. What is the profit for the optimal solution?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,
SEE MORE TEXTBOOKS