Steve Smith wants to start selling jewelry online. Steve can only work a maximum of 50...
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Steve Smith wants to start selling jewelry online. Steve can only work a maximum of 50 hours a week. It takes 4 hours to make a silver ring, 5 hours to make a copper ring, and 3.5 hours to make a brass ring. He can buy up to 70 grams of silver a week for $0.70 per gram and must buy more than 5 grams of brass a week for $0.55. He can buy as much copper as he can produce rings. Each silver ring takes up to 10 grams of silver to make, and the brass rings take 14 grams. Steve can sell up to 12 rings each week and does not want to make more rings than he can sell. Steve also must pay an online fee for every ring he sells, and he puts aside $35 to cover this. He pays $2 per silver ring, $1 per copper ring, and S0.50 per brass ring. Steve makes a profit of $30 per silver ring, $15 per copper ring, and $13.50 per brass ring. Steve wants to figure out how many copper, silver, and brass rings to produce each week to maximize his profits. Objective: Steve Smith aims to maximize his weekly profits from selling silver, copper, and brass rings online, considering constraints on production time, material availability, sales limits, and associated costs. Quantitative method: Linear Programming Tasks: 1. Define decision variables. 2. Formulate the objective function. 3. Set up constraints. 4. Solve the Linear programming problem. 5. Interpret the solution. Steve Smith wants to start selling jewelry online. Steve can only work a maximum of 50 hours a week. It takes 4 hours to make a silver ring, 5 hours to make a copper ring, and 3.5 hours to make a brass ring. He can buy up to 70 grams of silver a week for $0.70 per gram and must buy more than 5 grams of brass a week for $0.55. He can buy as much copper as he can produce rings. Each silver ring takes up to 10 grams of silver to make, and the brass rings take 14 grams. Steve can sell up to 12 rings each week and does not want to make more rings than he can sell. Steve also must pay an online fee for every ring he sells, and he puts aside $35 to cover this. He pays $2 per silver ring, $1 per copper ring, and S0.50 per brass ring. Steve makes a profit of $30 per silver ring, $15 per copper ring, and $13.50 per brass ring. Steve wants to figure out how many copper, silver, and brass rings to produce each week to maximize his profits. Objective: Steve Smith aims to maximize his weekly profits from selling silver, copper, and brass rings online, considering constraints on production time, material availability, sales limits, and associated costs. Quantitative method: Linear Programming Tasks: 1. Define decision variables. 2. Formulate the objective function. 3. Set up constraints. 4. Solve the Linear programming problem. 5. Interpret the solution.
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Related Book For
Managing Operations Across the Supply Chain
ISBN: 978-0078024030
2nd edition
Authors: Morgan Swink, Steven Melnyk, Bixby Cooper, Janet Hartley
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