We want to produce two varnishes (low quality varnish, high quality varnish). There are 121 barrel alcohol and 49 barrel resin in our stock. One barrel low quality varnish consists of 80 % alcohol and 20% resin. One barrel high quality varnish consists of 30 % alcohol and 70% resin. The sales price for low quality varnish is 8000$. The sales price for high quality varnish is 50000$. How much of each product (varnish) should be produced to maximize profits of the company Formulate the objective function and constraints, but do not solve.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
We want to produce two varnishes (low quality varnish, high quality varnish). There are 121 barrel alcohol and 49 barrel resin in our stock. One barrel low quality varnish consists of 80 % alcohol and 20% resin. One barrel high quality varnish consists of 30 % alcohol and 70% resin. The sales price for low quality varnish is 8000$. The sales price for high quality varnish is 50000$. How much of each product (varnish) should be produced to maximize profits of the company Formulate the objective function and constraints, but do not solve.
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