The owner of a machine shop is planning to expand bypurchasing some new machines-presses and lathes. Theowner has estimated that each press purchased will increaseprofit by P5000 per day and each lathe will increase profit byP7500 daily. The number of machines the owner canpurchase is limited by the cost of the machines and theavailable floor space in the shop. The machine purchaseprices and space requirements are as follows:Required FloorSpace (m2).Purchase PricePress1.4P400,000Lathe2.8200,000The owner has a budget of P2,200,000 for purchasingmachines and 22 square meters of available floorspace. a. Formulate an integer programming model to determinehow many of each type of machine to purchase tomaximize the daily increase in profit.b. Solve the model formulated in part (a) without integerrequirements. What are the optimal solution for the press andthe lathe machines? What is the optimal profit?c. Round the press and lathe values found in part (b). Is thesolution feasible? Why?d. Truncate the press and lathe values found in part (b) (i.edrop the fractional part of each value). Is the solutionfeasible? Why?e. Add integer requirements to the model you constructed inpart (b). What is the optimal profit and what are the optimalnumber of press and lathe machines?

Note: - As we can answer up to three subparts we will answer the first three subparts(a, b, and c)…

Answered: The owner of a machine shop is planning…

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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