A manufacturing company has a pool of 50 labor hours. A customer has requested two products, Product A and Product B, and has requested 15 and 20 of each respectively. It requires 2 hours of labor to produce Product A and 3 hours of labor to produce Product B. The company can obtain up to 50 additional hours of labor if required. In-house labor costs $25 per hour while contracted labor costs $45 per hour. The following network flow model captures this problem.
Write out the LP formulation for this problem.
Definitions:
Asymmetric Information
A situation in which one party in a transaction has more or better information than the other, leading to imbalances in transactions.
Supplier-Induced Demand
Supplier-induced demand occurs when providers of a good or service influence consumers' demand for it, often seen in markets where providers have more information about the product than consumers.
Raising Deductibles
Increasing the amount that an insured individual must pay out of pocket before an insurance company pays a claim.
Health Care Costs
The expenses related to the provision and consumption of health care services.
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