Use the simplex method to maximize the given function. Assume all variables are nonnegative. Maximize f = 2x + 9y subject to the following. 2x + 5y ≤ 50 x + 5y ≤ 45 x + y ≤ 14 (x,y)= f=
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Use the simplex method to maximize the given function. Assume all variables are nonnegative.
2x | + | 5y | ≤ | 50 |
x | + | 5y | ≤ | 45 |
x | + | y | ≤ | 14 |
(x,y)=
f=
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- Although the normal distribution is a reasonable input distribution in many situations, it does have two potential drawbacks: (1) it allows negative values, even though they may be extremely improbable, and (2) it is a symmetric distribution. Many situations are modelled better with a distribution that allows only positive values and is skewed to the right. Two of these that have been used in many real applications are the gamma and lognormal distributions. @RISK enables you to generate observations from each of these distributions. The @RISK function for the gamma distribution is RISKGAMMA, and it takes two arguments, as in =RISKGAMMA(3,10). The first argument, which must be positive, determines the shape. The smaller it is, the more skewed the distribution is to the right; the larger it is, the more symmetric the distribution is. The second argument determines the scale, in the sense that the product of it and the first argument equals the mean of the distribution. (The mean in this example is 30.) Also, the product of the second argument and the square root of the first argument is the standard deviation of the distribution. (In this example, it is 3(10=17.32.) The @RISK function for the lognormal distribution is RISKLOGNORM. It has two arguments, as in =RISKLOGNORM(40,10). These arguments are the mean and standard deviation of the distribution. Rework Example 10.2 for the following demand distributions. Do the simulated outputs have any different qualitative properties with these skewed distributions than with the triangular distribution used in the example? a. Gamma distribution with parameters 2 and 85 b. Gamma distribution with parameters 5 and 35 c. Lognormal distribution with mean 170 and standard deviation 60Suppose you have invested 25% of your portfolio in four different stocks. The mean and standard deviation of the annual return on each stock are shown in the file P11_46.xlsx. The correlations between the annual returns on the four stocks are also shown in this file. a. What is the probability that your portfolios annual return will exceed 30%? b. What is the probability that your portfolio will lose money during the year?The annual demand for Prizdol, a prescription drug manufactured and marketed by the NuFeel Company, is normally distributed with mean 50,000 and standard deviation 12,000. Assume that demand during each of the next 10 years is an independent random number from this distribution. NuFeel needs to determine how large a Prizdol plant to build to maximize its expected profit over the next 10 years. If the company builds a plant that can produce x units of Prizdol per year, it will cost 16 for each of these x units. NuFeel will produce only the amount demanded each year, and each unit of Prizdol produced will sell for 3.70. Each unit of Prizdol produced incurs a variable production cost of 0.20. It costs 0.40 per year to operate a unit of capacity. a. Among the capacity levels of 30,000, 35,000, 40,000, 45,000, 50,000, 55,000, and 60,000 units per year, which level maximizes expected profit? Use simulation to answer this question. b. Using the capacity from your answer to part a, NuFeel can be 95% certain that actual profit for the 10-year period will be between what two values?
- The members of a private golf club have handicaps that are normally distributedwith mean 15 and standard deviation 3.5. In a particular event, foursomes are chosen by grouping four players chosen at random from the club. The handicap of thefoursome is the arithmetic average of the handicaps of the four players comprisingthe foursome. In what proportion of the foursomes will the handicap of the foursome be less than 10 or more than 20? (Hint: The standard deviation of the average of four independent identically distributed random variables is exactly half thestandard deviation of one of them.)Bad simulations Explain why each of the followingsimulations fails to model the real situation properly:a) Use a random integer from 0 through 9 to representthe number of heads when 9 coins are tossed. b) A basketball player takes a foul shot. Look at a ran-dom digit, using an odd digit to represent a good shot and an even digit to represent a miss.c) Use random numbers from 1 through 13 to represent thedenominations of the cards in a five-card poker hand.Can the function f (x) = - x2 + 3x +2 be maximized?
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- Suppose that Pizza King and Noble Greek stopadvertising but must determine the price they will chargefor each pizza sold. Pizza King believes that Noble Greek’sprice is a random variable D having the following massfunction: P(D $6) .25, P(D $8) .50, P(D $10) .25. If Pizza King charges a price p1 and NobleGreek charges a price p2, Pizza King will sell 10025( p2 p1) pizzas. It costs Pizza King $4 to make a pizza.Pizza King is considering charging $5, $6, $7, $8, or $9 fora pizza. Use each decision criterion of this section todetermine the price that Pizza King should charge.If X1, X2, ... , Xn constitute a random sample from apopulation with the mean μ, what condition must beimposed on the constants a1, a2, ... , an so thata1X1 + a2X2 +···+ anXnis an unbiased estimator of μ?WHAT WLL HAPPEN IF THERE IS A CHANGE IS ONE OF THE OBJECTIVE FUNCTION COEFFICIENT? A. SLOPE OF THE OBJECTIVE FUNCTION LINE ALWAYS WILL CHANGE B. OPTIMAL SOLUTION ALWAYS WILL CHANGE C. ONE OR MORE OF THE DECISION VARIABLES ALWAYS WILL CHANGE D. ALL OF THE ABOVE E. NONE OF THE ABOVE