A dairy manufacturer can make three products: cheese, butter and yoghurt from his incoming resource, milk....
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A dairy manufacturer can make three products: cheese, butter and yoghurt from his incoming resource, milk. The profit which can be obtained using 1,2,3 or 4 units of milk is given in the table below. Table 1: Profits in Cheese, Butter and Yoghurt Units of milk (2) 0 1 2 3 4 Cheese 08 18 22 24 6 9 12 Butter Yoghurt 0 3 06 7 8 10 1. Define the number of stages to the problem and write down the backward recursion formula for DP. At each stage identify the number of available states. [3 marks] 2. Determine the resource allocation of milk to the three products in order to maximize the profit. [7 marks] A dairy manufacturer can make three products: cheese, butter and yoghurt from his incoming resource, milk. The profit which can be obtained using 1,2,3 or 4 units of milk is given in the table below. Table 1: Profits in Cheese, Butter and Yoghurt Units of milk (2) 0 1 2 3 4 Cheese 08 18 22 24 6 9 12 Butter Yoghurt 0 3 06 7 8 10 1. Define the number of stages to the problem and write down the backward recursion formula for DP. At each stage identify the number of available states. [3 marks] 2. Determine the resource allocation of milk to the three products in order to maximize the profit. [7 marks]
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Investment Analysis and Portfolio Management
ISBN: 978-1305262997
11th Edition
Authors: Frank K. Reilly, Keith C. Brown, Sanford J. Leeds
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