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- Question 1 B A company produces 2 (two) different grades of gasoline – regular and premium from 3(three) components (1,2,3). The company wants to determine the optimal mix of the three components in each grade of the gasoline that will maximize profit. The maximum quantities available for each component and their cost per gallon are as follows:Component Cost per gallon maximum gallons available per day 1 2.50 5,000 2 2.60 10,000 3 2.84 10,000 In order to ensure the appropriate blend, each grade has certain specifications as follows: Grade Component Specs Selling Price per gallon Regular At most 30% component 1 At least 40% component 2 At most 20% component 3 2.90 Premium At least 25% component 1 At most 45% component 2 At Least 30% component 3 3.00 The company wants to produce at least 10,000 gallons of each grade of gasoline. Formulate a LP model including the ratio constraints, production constraints and the objective function for this question.Question 5: For a coffee shop, the cost associated with cups, coffee beans and lids are examples of ____costs. These ______ considered when building a MCS. Group of answer choices a Fixed costs; should be b Fixed costs; should not be c Variable costs; should not be d Variable costs; should be e None of these, these are programmed costsQUESTION SIX (a) Suppose that a decision is faced with three decision alternatives and four states of nature. The following profit payoff table is constructed: Alternatives State of Nature 1S 2 S 3 S 4 S 1Α 2Α 3Α 18 15 13 12 14 16 15 10 19 8 11 15 Assuming that the decision maker has no knowledge about the probabilities of occurrence of the four states of nature, find the decisions to be recommended under each of the following criteria: iii. Minimax Reject criterion iv. Hurwicz criterion with 0.6 α =
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- Question 1 You may produce seven products by consuming three materials. The unit sales price and material consumption of each product are listed in Table 1. For each day, the supply of these three materials are limited. The supply limits are listed in Table 2. For each day, you need to determine the production quantity for each product. Product Price Material 1 Material 2 Material 3 1 100 0 3 10 2 120 5 10 10 3 135 5 3 9 4 90 4 6 3 5 125 8 2 8 6 110 5 2 10 7 105 3 2 7 Table 1: Product information for Problem 1 Material Supply limit 1 100 2 150 3 200 Table 2: Material information for Problem 1 Formulate a linear integer program that generates a feasible production plan to maximize the total profit (which is also the total revenue, as there is no cost in this problem). Then write a computer program…QUESTION A The Miramar Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table: State of Nature Favourable Stable Unfavourable Product 0.2 0.7 0.1 Widget $ 120,000 $ 70,000 $ –30,000 Hummer 60,000 40,000 20,000 Nimnot 35,000 30,000 30,000 Determine the best decision, using the following decision criteria Maximax Maximin LaPlaceQUESTION A The Miramar Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table: State of Nature Favourable Stable Unfavourable Product 0.2 0.7 0.1 Widget $ 120,000 $ 70,000 $ –30,000 Hummer 60,000 40,000 20,000 Nimnot 35,000 30,000 30,000 Compute the expected value for each decision and select the best one. Develop the opportunity loss table and compute the expected opportunity loss for each product.