A company is allocating its product development budget for next year for three new products. Total...

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A company is allocating its product development budget for next year for three new products. Total available budget: $6 million. Budget for each product must be an integer grater or equal to 1. Your goal: determine how much to spend on each product to maximize total sales (see the Table below). Expense (in $millions) 1 2 3 4 1 7 10 14 17 Estimated Sales For Product 2 4 8 11 14 36935 13 15 a) Formulate a DP model by identifying stages, decision variables, states, state transformation and recursive relationship. b) Use DP tables to find the max total sales and how much to spend on each product. If exist, identify an alternative optimal solution. A company is allocating its product development budget for next year for three new products. Total available budget: $6 million. Budget for each product must be an integer grater or equal to 1. Your goal: determine how much to spend on each product to maximize total sales (see the Table below). Expense (in $millions) 1 2 3 4 1 7 10 14 17 Estimated Sales For Product 2 4 8 11 14 36935 13 15 a) Formulate a DP model by identifying stages, decision variables, states, state transformation and recursive relationship. b) Use DP tables to find the max total sales and how much to spend on each product. If exist, identify an alternative optimal solution.

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a Dynamic Programming Model Stages Each stage represents the decision of how much budget to allocate ... View the full answer