3. Constrained Optimization Problem. An oil refining company has the following estimated profit function: 2 (Q1,...

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3. Constrained Optimization Problem. An oil refining company has the following estimated profit function: 2 (Q1, Q2) = -62.0+ 142.00 + 98.0Q2 - 9.85Q - 7.95Q2 - 5.98Q1 Q2 where Q, represents output of product one and Q2 is output of product two. Suppose that each unit of product one requires 19.6 units of crude oil and each unit of product two requires 38.2 units of crude oil. With 160.0 units of crude oil available, the constrained profit maximization problem can be written as Q10,Q20 2 max (Q1, Q2) = -62.0 + 142.00 + 98.0Q2 - 9.85Q - 7.95Q2 - 5.980 subject to 19.6Q1 + 38.2Q = 160.0. Let me demonstrate the solution of this problem using Excel's Solver. 3. Constrained Optimization Problem. An oil refining company has the following estimated profit function: 2 (Q1, Q2) = -62.0+ 142.00 + 98.0Q2 - 9.85Q - 7.95Q2 - 5.98Q1 Q2 where Q, represents output of product one and Q2 is output of product two. Suppose that each unit of product one requires 19.6 units of crude oil and each unit of product two requires 38.2 units of crude oil. With 160.0 units of crude oil available, the constrained profit maximization problem can be written as Q10,Q20 2 max (Q1, Q2) = -62.0 + 142.00 + 98.0Q2 - 9.85Q - 7.95Q2 - 5.980 subject to 19.6Q1 + 38.2Q = 160.0. Let me demonstrate the solution of this problem using Excel's Solver.