The optimal solution of the problem using linear programming. Introduction: Linear programming: It is a linear optimization technique followed to develop the best outcome for the linear programming problem. The outcome might be to maximize profit, minimize cost, or to determine the optimal product mix. The outcome will take the constraints present in achieving the solution into consideration.

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Answer 1

Question

Chapter B, Problem 15P

a)

Summary Introduction

To determine: The optimal solution of the problem using linear programming.

Introduction:

Linear programming:

It is a linear optimization technique followed to develop the best outcome for the linear programming problem. The outcome might be to maximize profit, minimize cost, or to determine the optimal product mix. The outcome will take the constraints present in achieving the solution into consideration.

b)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $3, using linear programming.

c)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $1.25, using linear programming.

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The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): Decision State of Nature Alternative Low Demand (S1) Medium Demand (S2) High Demand )S3) Manufacture, d(1) -20 40 100 Purchase, d(2) 10 45 70 The state-of-nature probabilities are P s1= 0.35, P s2= 0.35, and P s3= 0.30 Use expected value to recommend a decision.

3. The manager for a manufacturing company must recommend whether to construct a large plant, construct a small plant or do nothing. He estimates the long-run profits in $ as follows: State of Nature Alternative Good Average Poor Market($) Market ($) Market ($) Construct a 100,000 35,000 -60,000 large plant Construct a 75,000 25,000 -40,000 small plant Do nothing -5,000 0 0 Probability 25% 50% 25% Solve using: A. Expected Opportunity Loss B. Expected Value of Perfect Information

Pls help ASAP for both

Answer 2

Question

Chapter B, Problem 15P

a)

Summary Introduction

To determine: The optimal solution of the problem using linear programming.

Introduction:

Linear programming:

It is a linear optimization technique followed to develop the best outcome for the linear programming problem. The outcome might be to maximize profit, minimize cost, or to determine the optimal product mix. The outcome will take the constraints present in achieving the solution into consideration.

b)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $3, using linear programming.

c)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $1.25, using linear programming.

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Answer 3

Question

Chapter B, Problem 15P

a)

Summary Introduction

To determine: The optimal solution of the problem using linear programming.

Introduction:

Linear programming:

It is a linear optimization technique followed to develop the best outcome for the linear programming problem. The outcome might be to maximize profit, minimize cost, or to determine the optimal product mix. The outcome will take the constraints present in achieving the solution into consideration.

b)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $3, using linear programming.

c)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $1.25, using linear programming.

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Answer 4

Question

Chapter B, Problem 15P

a)

Summary Introduction

To determine: The optimal solution of the problem using linear programming.

Introduction:

Linear programming:

It is a linear optimization technique followed to develop the best outcome for the linear programming problem. The outcome might be to maximize profit, minimize cost, or to determine the optimal product mix. The outcome will take the constraints present in achieving the solution into consideration.

b)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $3, using linear programming.

c)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $1.25, using linear programming.

Expert Solution & Answer

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Answer 5

Chapter B, Problem 15P

a)

Summary Introduction

To determine: The optimal solution of the problem using linear programming.

Introduction:

Linear programming:

It is a linear optimization technique followed to develop the best outcome for the linear programming problem. The outcome might be to maximize profit, minimize cost, or to determine the optimal product mix. The outcome will take the constraints present in achieving the solution into consideration.

b)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $3, using linear programming.

c)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $1.25, using linear programming.

Answer 6

Chapter B, Problem 15P

a)

Summary Introduction

To determine: The optimal solution of the problem using linear programming.

Introduction:

Linear programming:

It is a linear optimization technique followed to develop the best outcome for the linear programming problem. The outcome might be to maximize profit, minimize cost, or to determine the optimal product mix. The outcome will take the constraints present in achieving the solution into consideration.

Answer 7

Chapter B, Problem 15P

a)

Summary Introduction

To determine: The optimal solution of the problem using linear programming.

Introduction:

Linear programming:

It is a linear optimization technique followed to develop the best outcome for the linear programming problem. The outcome might be to maximize profit, minimize cost, or to determine the optimal product mix. The outcome will take the constraints present in achieving the solution into consideration.

Answer 8

b)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $3, using linear programming.

Answer 9

b)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $3, using linear programming.

Answer 10

c)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $1.25, using linear programming.

Answer 11

c)

Summary Introduction

To determine: The optimal solution of the problem when the profit for X1 is changed to $1.25, using linear programming.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. B - Prob. 1DQ Ch. B - Prob. 2DQ Ch. B - Prob. 3DQ Ch. B - Prob. 4DQ Ch. B - Prob. 5DQ Ch. B - Prob. 6DQ Ch. B - Prob. 7DQ Ch. B - Prob. 8DQ Ch. B - Prob. 9DQ Ch. B - Prob. 10DQ

Solution Summary: The author explains that linear programming is a linear optimization technique followed to develop the best outcome for maximizing profit, minimize cost, or determine the optimal product mix.

Concept explainers

To determine: The optimal solution of the problem when the profit for X1 is changed to $3, using linear programming.

To determine: The optimal solution of the problem when the profit for X1 is changed to $1.25, using linear programming.

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Chapter B Solutions