Problem 5. Formulate the following situation as a linear optimization problem. Your company makes widgets, and you want to maximize profit. However, the cost of labor, availability of material, product demand, and selling price are different during different quarters of the year (i.c. January-March, April-June, July-September, October-December). This information is collected in the table below. quarter of cost to produce the year maximum production a widget in $ based on material available demand 600 1200 900 product | selling price in $ 180 250 250 300 2 3 4 40 60 60 400 1000 1200 1000 40 500 Additionally, any widget you produce can be sold during the current quarter or during a later quarter. If you do not sell a widget during the current quarter, you must pay $10 to store the widget until next quarter.

Problem 5. Formulate the following situation as a linear optimization problem. Your company makes widgets, and you want to maximize profit. However, the cost of labor, availability of material, product demand, and selling price are different during different quarters of the year (i.c. January-March, April-June, July-September, October-December). This information is collected in the table below. quarter of cost to produce the year maximum production a widget in $ based on material available demand 600 1200 900 product | selling price in $ 180 250 250 300 2 3 4 40 60 60 400 1000 1200 1000 40 500 Additionally, any widget you produce can be sold during the current quarter or during a later quarter. If you do not sell a widget during the current quarter, you must pay $10 to store the widget until next quarter.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter6: Optimization Models With Integer Variables

Section6.4: Fixed-cost Models

Problem 16P

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