Light-Twilight Inc. currently has four workshops for manufacturing light bulbs and five warehouses where the produced light bulbs are shipped from the workshops for storage. The cost, demand, and volume details are given as below:
a. Formulate a mixed-integer programming model to identify two workshops the management should retain in order to fulfil the estimated demand that minimizes the cost.
b. Solve the model you formulated in part a. What is the optimum cost?
Definitions:
Government Actions
Measures, policies, or interventions put in place by government entities to influence economic activity, societal welfare, or achieve specific policy objectives.
Economic Activity
Actions that involve the production, distribution, and consumption of goods and services in an economy.
Communism
Communism is a socio-economic system characterized by the absence of private property and the communal ownership of all resources and means of production, aiming for a classless society.
Economic Well-being
A measure of the financial health and quality of life of individuals or populations, often assessed by factors like income, employment, and access to goods and services.
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