What is the optimal solution mix

Assignment Help Operation Management

Reference no: EM131276850

Graphically solve the following problem:

Maximize profit = 8X1 + 5x2

Subject to X1 + X2 ≤ 10

X1 ≤ 6

X1, X2 ≥ 0

What is the optimal solution mix? What is the profit at that mix?

What is the Shadow Price for constraint 1? Over what range is this Shadow Price valid? In your Excel model change the right-hand constraint (10) by 1 (now 11) and solve the problem again. What is the profit now?

Change constraint 1's RHS (10) to 6. What happened? By how much did the profit decrease? Is that in line with what the Shadow Price information would tell us?

Change constraint 1's right-hand side (10) to 5? What happened?

Reference no: EM131276850

Questions Cloud

Human resource manager works for custom call services : Human Resources Manager Stan Gomez finds that he is spending a lot of time talking with supervisors about employee absences. Stan, is the Human Resource Manager works for Custom Call Services, a contract customer service-call center that provides yea..

Interpersonal skills are important in health care management : Discuss the increasing focus on international business as trend in organizational behavior. What are good research questions to investigate when doing research on Social and Environmental Sustainability in the Fashion Industry? Explain why interper..

In effort to control escalating health care insurance cost : In an effort to control escalating health care insurance costs, many companies have been encouraging employees to voluntarily improve their health by offering smoking cessation classes, weight loss programs, exercises classes and health screenings. B..

Workers compensation as occupational diseases : Physical injuries caused by your work, such as back strain and carpel tunnel syndrome, are covered by workers' compensation. Additionally, illness and physical symptoms caused by workplace exposure to chemicals, asbestos and other harmful substances ..

What is the optimal solution mix : What is the optimal solution mix? What is the profit at that mix? What is the Shadow Price for constraint 1? Over what range is this Shadow Price valid? In your Excel model change the right-hand constraint (10) by 1 (now 11) and solve the problem aga..

Sample means when the process is in control : An automatic filling machine is used to fill 1-liter bottles of cola. The machine’s output is approximately normal with a mean of 1.00 liter and a standard deviation of 0.03 liter. Output is monitored using means of samples of 27 observations. Determ..

Business is operated at three sigma quality level : Suppose your business is operated at a three sigma quality level and the product has an average annual improvement rate of 50%. How long would it take to reach a six sigma quality level?

What are the different forms of online marketing : What are the different forms of online marketing? Which do you think would be the most effective online marketing strategies for an online broker, (b) a new discotheque in Los Angeles?

How long would it take to reach a six sigma quality level : Suppose your business is operated at a three sigma quality level and the product has an average annual improvement rate of 50%. How long would it take to reach a six sigma quality level?

User Account

All Pages