Answered: Why Modifying the objective function is…

Business

Management

Why Modifying the objective function is required?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

A linear programming computer package is needed. The Westchester Chamber of Commerce periodically sponsors public service seminars and programs. Currently, promotional plans are under way for this year's program. Advertising alternatives include television, radio, and online. Audience estimates, costs, and maximum media usage limitations are as shown. Constraint Television Radio Online Audience per advertisement 300,000 54,000 120,000 Cost per advertisement $2,000 $300 $600 Maximum media usage 10 20 10 To ensure a balanced use of advertising media, radio advertisements must not exceed 50% of the total number of advertisements authorized. In addition, television should account for at least 10% of the total number of advertisements authorized. (a) If the promotional budget is limited to $20,500, how many commercial messages should be run on each medium to maximize total audience contact? Television Radio Online What is the allocation of the budget among the three media, and what is the…
A company has the following demand data for the last three years of sales for their popular product B. There are currently 5 workers assigned to the production line, each capable of producing approximately 8 units per month. It is assumed that each month has the same number of production days. They can hire more workers at a hiring and training cost of $800 per worker. If they layoff any workers, the unemployment cost is $2,000 per worker. The product has a standard production cost (labor, material, and overhead) of $300 per unit. The extra cost to produce one unit on overtime is $50 and the maximum overtime is two units per month per worker. They can use inventory but it will cost them $25 per unit per month for any unit in inventory at the end of the month. Failure to meet market demand typically will imply the customer will buy from another supplier, and therefore cost the company $100 in profit. They currently have 0 units in inventory. a. Use the demand data to develop a forecast…
A plant operation has fixed cost of $2,000,000 per year, and its output capacity is 100,000 electrical appliances per year. The variable cost is $70 per unit, and the product sells for $120 per unit. a) What is the annual break even volume of this product? b) Compare annual profit when the plant is operating at 90% capacity with the plant operation at 100% capacity. Assume that the first 90% of capacity output is sold at $120 per unit and that the remaining 10% of production is sold at $100 per unit. Show handwritten solutions
Write the Summary of the Hungarian Algorithm?
For a certain civil engineering system, it is sought to maximize the benefits, which is given by the expression: Z=3x+5y. The decision variables are x (the amount of resource type 1 to be used) and y (the amount of resource type 2 to be used). • The amount of resource type 1 should be at least 3 units. • The amount of resource type 2 should be at least 3 units. The difference between the amount of ● resource type 2 and the amount resource type 1 should not exceed 6. • The total amount of resource types 1 and 2 should not exceed 12 units. a. Identify the obiective function for this problem. b. Identify and write the constraints. c. Provide a sketch graph for the constraint set. d. Clearly show the feasible region. e. Label all extreme points (or vertices) of the feasible region and indicate their coordinates. f. Solve the optimization problem.
Solve the problem about linear programming subparts A,B,C with the step and no reject. Im needed in 60 minutes thank u. This problem q&a 8. A group of students are planning to sell Takjil Iftar. The results of their joint venture collected capital of IDR 600,000. The cost to make Ice is IDR 4000 Per Cup while Cake IDR 2,000 per piece. Due to limitations they decided to only sell a maximum of 200 cakes. They estimate that one cup of fruit ice will generate a profit of IDR 500 and Cake IDR 300 per piece. So : A. Create a linear function B. calculate how much profit you get C. Make Linear Programming Graph
Because of the coronavirus, Cafes and restaurants are going to be open between 8 a.m. and 20 p.m. , and with 50% capacity. Imagine that the Ministry of Health thinks Coronavirus can last for years and wants to develop a system that can be used to fulfill the above rule. Write a report about that... 1- Write a “problem definition”, “objectives” and “issues to be solved” for this rule, as a system analyst you are. 2- What system development methodology do you use and why?
Dana’s Ribbon World makes award rosettes. Following is information about the company: Variable cost per rosette $ 2.00 Sales price per rosette $ 6.00 Total fixed costs per month $ 6000.00 Required: 1. Suppose Dana’s would like to generate a profit of $1,120. Determine how many rosettes it must sell to achieve this target profit. 2. If Dana’s sells 2,140 rosettes, compute its margin of safety in units, in sales dollars, and as a percentage of sales. 3. Calculate Dana’s degree of operating leverage if it sells 2,140 rosettes. 4a. Using the degree of operating leverage, calculate the change in Dana’s profit if unit sales drop to 1,819 units. 4b. Prepare a new contribution margin income statement to verify change in dana's profit.
3. Jonathan owns and operates 5 car window tinting shops in the Rio Grande Valley area. Each tint shops has 4 car stalls. Jonathan only operate 3 stalls at a time, leaving the other stall vacant. Based on his latest revenue reports, he is averaging 2 customers at a time receiving tint while the 3rd stall is empty. Each tint shop is open 12 hours per day. Each car or truck requires 2 hours of work A) what is Jonathan daily design capactity? B) what is Jonathan daily effective capcity? C) what is Jonathan actual out per day D) what is Jonathan utilization rate E) what is Jonathan effective utilization rate
Problem #3 - Jasper Inc. has an air conditioning manufacturing facility in Lakeland - FL for air conditioning SKUs: J101 and J104. The assembly process for each SKU is similar and both require a certain number of hours in the Assembly Department and in the Finishing Department. As a business consultant, Jasper Inc. asked you to apply Linear Programming (LP) to determine the combination for the number of SKUs J101 and J104 to assemble in every month to maximize its revenue when its facility and business operate under the following conditions: ● Each SKU J101 takes 4 hours in the Assembly Department and 2 hours in the Finishing Department. ● Each SKU J104 takes 3 hours in the Assembly Department and 1 hour in the Finishing Department. ● The Assembly Department has 235 hours available in the current production period, while the Finishing Department has 95 hours available. ● Each SKU J101 is sold for $400. Each SKU J104 is sold for $300. Answer the following questions: a. - Identify and…
Use the following information for the next 3 problems: ABC Company plans to construct a 60,000 sq. ft private warehouse and rent public warehouse as needed. Warehouse inventory turns at the rate of 2 times per month. One pound of merchandise occupies 0.2 cubic feet of warehouse space and can be stacked 10 feet high. Given aisles, and normal operating efficiency, only 50 percent of the total warehouse space is actually used for storage. Assume the facility is being built to size so no additional space is allowed for future product growth. A private warehouse can be constructed for $36 per sq. ft. and can be amortized over 20 years. Annual fixed costs amount to $20 per sq. ft. of total space. The cost of operation is $0.03 per pound of throughput. Space may also be rented for a storage charge on inventory of $0.06 per pound per month and a handling charge of $0.05 per pound of throughput. Monthly demands for a typical year are as follows: Month Demand (lb) Jan 2,000,000…
I need typing clear urjent no chatgpt use i will give 5 upvotes