Determine the optimal production quantities

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Reference no: EM133737528

Question

You are operating a plant that produces two products (Product A and Product B). You are trying to determine the optimal production quantities of each product. Due to inventory restrictions at your plant, you can only produce a total of 3,000 pieces per month. Further, due to tight financing you can only afford to have the total cost of production being $50,000 per month. Create a simple, iterative optimization algorithm that will compute the optimal quantities of Product A and Product B produced per month if the cost of production of Product A is $10 per unit and the cost of production of Product B is $100 per unit. Your optimization routine can stop once the values are determined with 1.0% accuracy.

Reference no: EM133737528

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