A firm that assembles refrigerators and stoves is about to start production of new models of each. Each model will require assembly time, inspection time, and storage space. The amounts of each of these resources that can be devoted to the production of the items is limited. The manager of the firm would like to determine the quantity of each item to produce in order to maximize the profit generated by sales. He has the following data at his disposal: Refridgerators Stoves Profit per unit $60 $50 Assembly time per unit 4 hours 10 hours Inspection time per unit 2 hours 1 hour Storage space per unit 3 cubic feet 3 cubic feet Other information Resource Amount of time available Assembly time 100 hours Inspection time 22 hours Storage space 39 cubic feet Questions - •Identify the feasible solution space. •At which point will profit be maximized?
A firm that assembles refrigerators and stoves is about to start production of new models of each. Each model will require assembly time, inspection time, and storage space. The amounts of each of these resources that can be devoted to the production of the items is limited. The manager of the firm would like to determine the quantity of each item to produce in order to maximize the profit generated by sales. He has the following data at his disposal: Refridgerators Stoves Profit per unit $60 $50 Assembly time per unit 4 hours 10 hours Inspection time per unit 2 hours 1 hour Storage space per unit 3 cubic feet 3 cubic feet Other information Resource Amount of time available Assembly time 100 hours Inspection time 22 hours Storage space 39 cubic feet Questions - •Identify the feasible solution space. •At which point will profit be maximized?
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...
Related questions
Question
-
QuestionA firm that assembles refrigerators and stoves is about to start production of newmodels of each. Each model will require assembly time, inspection time, andstorage space. The amounts of each of these resources that can be devoted to theproduction of the items is limited. The manager of the firm would like to determinethe quantity of each item to produce in order to maximize the profit generated bysales. He has the following data at his disposal:Refridgerators StovesProfit per unit $60 $50Assembly time per unit 4 hours 10 hoursInspection time per unit 2 hours 1 hourStorage space per unit 3 cubic feet 3 cubic feetOther informationResource Amount of time availableAssembly time 100 hoursInspection time 22 hoursStorage space 39 cubic feetQuestions -•Identify the feasible solution space.•At which point will profit be maximized?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step 1: Formulate the problem
VIEWStep 2: Show steps involved
VIEWStep 3: a.draw the constraint lines
VIEWStep 4: b.find the feasible region
VIEWStep 5: c.find the corner points of the feasible region
VIEWStep 6: D.Use the values of corners pints(x,y) in the objective function to find the optimal solution
VIEWSolution
VIEW
Step by step
Solved in 7 steps with 2 images
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.