Use Simplex Method via Victoriano Approach 2. A company has to minimize its cost = 200X + 300Y, subject tothe following constraints:X + Y< 50X2 20Y > 15X 2 0, Y 2 0Find the values of X and Y that will give the minimum cost.

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Answered: 2. A company has to minimize its cost =…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter7: Nonlinear Optimization Models

Section: Chapter Questions

Problem 67P

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1.) Objective Function: Maximize Z = 60X₁ +50X₂ Subject to Assembly 4X₁ + 10X ₂ ≤ 100 hours Inspection 2X₁ + 1X₂ ≤ 22 hours Storage 3X ₁ + 3X₂ ≤ 39 cubic feet X₁, X₂ ≤ 0Solve the following completely by graphical method:a) corner point methodb) iso profit line 2.) Suppose, 240 acres of land available.Profit: $40/acres corn: $30/acre oats Have 320 hours of labor available.Corn takes 2 hours of labor per acre of land; however, Oats requires 1 hour of labor per acre of land. Problem: How many acres of each should be planted to maximize profit? a) Formulate the problem.b) Solve the problem using graphical method (corner point solution) and Iso profit method.

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2. A company has to minimize its cost = 200X + 300Y, subject to the following constraints: X + Ys 50 X> 20 Y> 15 X 2 0, Y 2 0 Find the values of X and Y that will give the minimum cost.