All Optimization Problems Have

question 14

Multiple Choice

All optimization problems have:

• A) an objective function and decision variables
• B) an objective function and constraints
• C) decision variables and constraints
• D) an objective function,decision variables and constraints
• A company produces two products.Each product can be produced on either of two machines.The time (in hours)required to produce each product on each machine is shown below:
• Machine 1
• Machine 2
• Product 1
• 5
• 4
• Product 2
• 8
• 5
• Each month,600 hours of time are available on each machine,and that customers are willing to buy up to the quantities of each product at the prices that are shown below:
• ​
• Demands
• Prices
• Month 1
• Month 2
• Month 1
• Month 2
• Product 1
• 120
• 200
• $60
• $15
• Product 2
• 150
• 130
• $70
• $35
• ​
• The company's goal is to maximize the revenue obtained from selling units during the next two months.

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Definitions:

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.

Donated Materials

Items or supplies given to an organization for free, often recognized as income at their fair value in the period received and reported in the financial statements.

Deferral Method

An accounting method where certain revenues or expenses are deferred on the balance sheet until they can be realized in the income statement.

Not-for-profit Organization

An organization that operates for purposes other than generating profit, typically focusing on social, educational, or charitable objectives.