Homework 2 is based on the chapter 4 (linear programing) of the data smart text and consist of only 1 question. The problemstatement is as stated below:Iron Works, Inc. manufactures two products made from steel and receives 2000 pounds of steel each month. It takes 2 pounds ofsteel to make a unit of product 1, and it takes 3 pounds of steel to make a unit of product 2. The unit profits for product 1 andproduct 2 are $100 and $200, respectively. Each month the manufacturer has a contract calling for at least 60 units of product 1. Atmost 720 units of product 2 may be produced by the firm's facilities. Using the steps for optimization modeling based on chapter 4of the data smart text, find the monthly production quantities of product 1 and product 2 to maximize profit from these products.Submit your solution as an excel file.

Assume Product 1 = x Product 2 = y

Answered: Iron Works, Inc. manufactures two…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter5: Network Models

Section: Chapter Questions

Problem 70P

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