Question: 1 . A manager wants to know how many units of each product to produce on a daily basis in order to achieve the highest

1. A manager wants to know how many units of each product to produce on a daily basis in order to achieve the highest possible profit. The manager manages three products \((\mathrm{A},\mathrm{B}\), and C\()\) that require input from two material types (M1 and M2) along with labor. The material and Labor requirements for the products are shown in the following table Example: Product A uses 2 pounds of M1,3 pounds of M2 and 3.2 hours of Labor M1 costs \(\$ 5/\) pound, while M2 costs \(\$ 4/\) pound and finally, labor cost is \(\$ 10/\) hour. Product A sells for \(\$ 80\), B for \(\$ 90\), and C for \(\$ 70\)(per unit). The daily available resources are 200 pounds of M1,300 pounds of M2, and 150 hours of Labor. The manager is required to produce daily a minimum of 10 units of each product. A.(Excel model) Formulate and solve an Excel optimization problem to obtain the optimal (daily) production plan.
1 . A manager wants to know how many units of

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!