A Manager Must Decide on the Mix of Products to Produce

question 49

Essay

A manager must decide on the mix of products to produce for the coming week.Product A requires three minutes per unit for molding,two minutes per unit for painting,and one minute per unit for packing.Product B requires two minutes per unit for molding,four minutes per unit for painting,and three minutes per unit for packing.There will be 600 minutes available for molding,600 minutes for painting,and 420 minutes for packing.Both products have profits of $1.50 per unit.
(i)What combination of A and B will maximize profit?
(ii)What is the maximum possible profit?
(iii)How much of each resource will be unused for your solution?
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Definitions:

Multiple Regression

An approach in statistics utilizing multiple independent variables to forecast the outcome of a target variable.

Linear Function

A mathematical equation that produces a straight line on a graph, typically described with the formula y = mx + c, where m is the slope and c is the y-intercept.

Independent Variables

Variables in an experiment that are manipulated or changed to observe their effect on dependent variables.

Independent Variables

Variables in an experiment or statistical model that are manipulated or categorized to observe their effect on dependent variables.