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The Toys-R-4-U Company has developed two new toys for possible inclusion in its product line. Setting up the production facilities to begin production would cost $50,000 for toy 1 and $80,000 for toy 2 and the toys would generate a unit profit of $10 for toy 1 and $15 for toy 2.The company has 2 factories that are capable of producing these toys. However, to avoid doubling the start-up costs, just one factory would be used, where the choice would be based on maximizing profit. For administrative reasons, the same factory would be used for both new toys if both are produced.Toy 1 can be produced at the rate of 50 per hour in factory 1 and 40 per hour in factory 2. Toy 2 can be produced at the rate of 40 per hour in factory 1 and 25 per hour in factory 2. Factories 1 and 2, respectively, have 500 hours and 700 hours of production time available that could be used to produce these toys.The problem is to determine how many units (if any) of each new toy should be produced to maximize the total profit.a)Formulate an MIP model for this problem. b)Solve the problem using GAMS and state the optimal solution.
Managers understand that uncertainties are addressed at the specific level of uncertainty, the particular source from which it originates and the specific practices that are used best to resolve these uncertainties.
You are an IMF official who will be soon visiting a country whose exports earnings are not able to pay for imports. The government has requested a loan from the IMF
Due to cutbacks at the company you work for, the division you manage recently merged with another division to minimize costs.
Due to variations in processing times due to the size and length of the bracelets, it has been decided to keep 25 percent of the needed inventory as safety stock. Explain how many kanbans card sets are needed.
Order also holding costs will remain same. Should Wiley adopt this policy. Explain why or explain why not. Illustrate what is maximum backorder.
Specify as a whole number by rounding. Do not round the EOQ that you obtain in the process of determining the number of orders.
The Malcolm Baldrige award selection process helps improve quality and productivity by which of the following means?
The office manager is currently utilizing an order size of 202 boxes. The partners of the industry expect the office to be managed "in a cost-efficient manner." Would you recommend which the office manager use the optimal order size instead of 202..
One of the keys to successful leadership, planning, and communication in an organization is a set of well-laid plans for what you want the organization, your department
Compute the availability of this machine. The question states that all times must be in the same units. If I'm using the formular MTBF/MTBF+MTR how do I solve problem.
Illustrate what is the average VLC in a target market segment if the average purchase price is $75 per visit, the frequency of purchase is 6 times per yr.
Discuss the possibility of a fraud hotline as part of your program. How can a hotline be implemented as a tool for preventing and detecting fraud? Provide an overview of steps that you would take for a successful implementation if the corporation ..
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