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Define the objective function for a firm

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Reference no: EM131812864

A firm can produce 2 types of a certain product, namely basic B and deluxe D. The estimated profit per unit is $ 10 basic and $ 15 deluxe.

The firm has 60 hours of labour available per day and 100 units of capital. Each unit of basic product B requires 2 hours of labour and 4 units of capital. Each unit of the de-luxe product D requires 4 hours of labour and 5 units of capital.

Labour and capital cannot be negative.

How much of each type of product should the firm produce in order to maximize profit?

  1. Define the objective function for a firm and the decision variables
  2. Define the constraints for the problem (constraint for labour and constraint for capital)
  3. Solve the problem with excel solver and find what is the optimal amount of B and D that maximize the profit and how much the profit is?

Reference no: EM131812864

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