Question: The profit function for two products is: Producing one unit of product 1 requires 4 labor-hours, and producing one unit of product 2 requires 6

The profit function for two products is:
The profit function for two products is:Producing one unit of

Producing one unit of product 1 requires 4 labor-hours, and producing one unit of product 2 requires 6 labor-hours. Currently, 24 labor-hours are available. The cost of labor-hours is already factored into the profit function, but it is possible to schedule overtime at a premium of $5 per hour.
a. Formulate an optimization problem that can be used to find the optimal production quantity of products 1 and 2 and the optimal number of overtime hours to schedule.
b. Solve the optimization model you formulated in part a. How much should be produced and how many overtime hours should be scheduled?

Profit =-+42 x1-3G + 48x2 + 700

Step by Step Solution

3.35 Rating (188 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Let OT be the number of overtime hours schedul... View full answer

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

Document Format (1 attachment)

Word file Icon

611-M-S-S-M (760).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!