Tots Toys makes a plastic tricycle that is composed of three major components: a handlebar-front wheel-pedal assembly,a seat and frame unit,and rear wheels.The company has orders for 12,000 of these tricycles.Current schedules yield the following information.
The company obviously does not have the resources available to manufacture everything needed for the completion of 12000 tricycles so has gathered purchase information for each component.Develop a linear programming model to tell the company how many of each component should be manufactured and how many should be purchased in order to provide 12000 fully completed tricycles at the minimum cost.
Definitions:
Financial Investments
Assets acquired with the goal of generating income or appreciating in value, such as stocks, bonds, or real estate.
Scientific Evidence
Information that has been collected systematically following scientific methods, intended to support or disprove theories or hypotheses, and is often used in legal and regulatory decision-making processes.
WTO
World Trade Organization; an international body that regulates and facilitates global trade by establishing trade agreements and resolving disputes among member countries.
Product Standards
Established criteria or specifications that products must meet for quality, safety, and performance to protect consumers and ensure consistency.
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