A Company Makes Products a and B from 2 Resources

question 80

Essay

A company makes products A and B from 2 resources, labor and material. The company wants to determine the selling price which will maximize profits. A unit of A costs 30 to make and demand is estimated to be 50 − .09 * Price of A. A unit of B costs 20 to make and demand is estimated to be 30 − .14 * Price of B. The utilization of labor and materials and the available quantity of resources is shown in the table. A reasonable price for the products is between 90 and 140. Let X₁ = demand for As and X₂ = demand for Bs.
Let P₁ = price for As and P₂ = price for Bs.
Formulate the NLP for this company

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Definitions:

Simple Linear Regression

a statistical method that models the relationship between a dependent variable and one independent variable using a linear equation.

Regression Model

A statistical model that estimates the relationship between a dependent variable and one or more independent variables.

Regression Analysis

A statistical technique used to model and analyze the relationship between a dependent variable and one or more independent variables.

Positively Skewed

A distribution shape where the right tail (higher values) is longer, indicating that the mean and median are greater than the mode.