The below LP is for a product mix problem in which there are two products and...
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The below LP is for a product mix problem in which there are two products and three resources constraints. Maximize 50X₁ + 20X₂ Subject to X₁ + 2X₂ <= 45 3X₁ + 3X₂ <= 87 2X1 + 1X₂ <= 50 Using Excel Solver or QM software, generate a sensitivity report (provide a screen shot) and answer the following: a) How many units of product 1 and product 2 should be produced? b) How much of each of the three resources is being used? How much slack is there for each constraint? Which of the constraints are binding and which are nonbinding? c) What are the shadow prices for each resource? d) If you could obtain more of one of the resources, which one should you obtain? How much should you be willing to pay for this? e) What would happen to profit if, with the original output, management decided to produce one more unit for product2? GE D The below LP is for a product mix problem in which there are two products and three resources constraints. Maximize 50X₁ + 20X₂ Subject to X₁ + 2X₂ <= 45 3X₁ + 3X₂ <= 87 2X1 + 1X₂ <= 50 Using Excel Solver or QM software, generate a sensitivity report (provide a screen shot) and answer the following: a) How many units of product 1 and product 2 should be produced? b) How much of each of the three resources is being used? How much slack is there for each constraint? Which of the constraints are binding and which are nonbinding? c) What are the shadow prices for each resource? d) If you could obtain more of one of the resources, which one should you obtain? How much should you be willing to pay for this? e) What would happen to profit if, with the original output, management decided to produce one more unit for product2? GE D
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