similarities and differences between minimization and maximization problems using the graphical solution approach of Linear Programming. Be sure to provide examples to illustrate your understanding of these concepts
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Discuss the similarities and differences between minimization and maximization problems using the graphical solution approach of Linear Programming. Be sure to provide examples to illustrate your understanding of these concepts. (Make two-hundred words)
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- Discuss the similarities and differences between minimization and maximization problems using the graphical solution approach of Linear Programming. Be sure to provide examples. (Two-hundred words)Explain the basic steps for formulating a linear programming model and how managers can use this information to solve business problems. Be sure to provide examples to illustrate your understanding of these concepts.Is my solution correct and did I fully answer the questions? (see attachment for my solution) Question: There are three factories on Momiss River. Each emits two types of pollutants, labeled P1 and P2, into the river. If the waste from each factory is processed, the pollution in the river can be reduced. It costs $1,500 to process a ton of factory 1 waste, and each ton processed reduces the amount of P1 by 0.10 ton and the amount of P2 by 0.45 ton. It costs $2,500 to process a ton of factory 2 waste, and each ton processed reduces the amount of P1 by 0.20 ton and the amount of P2 by 0.25 ton. It costs $3,000 to process a ton of factory 3 waste, and each ton processed reduces the amount of P1 by 0.40 ton and the amount of P2 by 0.50 ton. The state wants to reduce the amount of P1 in the river by at least 125 tons and the amount of P2 by at least 175 tons. a. Use Solver to determine how to minimize the cost of reducing pollution by the desired amounts. Are the LP assumptions…
- The topic is Linear Programming - Minimization see the attached picture for the problemDiscuss several advantages of linear programming; clearly explain the reasons for your choices.TRUE OR FALSE The graphical method of solving linear programs is useful because of its applicability to problems with many variables
- Explain the basic steps for formulating a linear programming model and how managers can use this information to solve business problems.What is the key assumptions of linear programming?Evaluate how linear programming modeling helps managers in their analysis to make optimal decisions and analyze the problem, the objective function, constraints, and decision variables. Share a real-world application.