Iron Works, Inc. manufactures two products made from steel and receives 2000 pounds of steel each month. It takes 2 pounds steel 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 and product 2 are $100 and $200, respectively. Each month the manufacturer has a contract calling for at least 60 units of product 1. At most 720 units of product 2 may be produced by the firm's facilities. Using the steps for optimization modeling based on chapter 4 of 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.

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter11: Simulation Models
Section: Chapter Questions
Problem 68P
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Homework 2 is based on the chapter 4 (linear programing) of the data smart text and consist of only 1 question. The problem
statement 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 of
steel 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 and
product 2 are $100 and $200, respectively. Each month the manufacturer has a contract calling for at least 60 units of product 1. At
most 720 units of product 2 may be produced by the firm's facilities. Using the steps for optimization modeling based on chapter 4
of 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.
Transcribed Image Text:Homework 2 is based on the chapter 4 (linear programing) of the data smart text and consist of only 1 question. The problem statement 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 of steel 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 and product 2 are $100 and $200, respectively. Each month the manufacturer has a contract calling for at least 60 units of product 1. At most 720 units of product 2 may be produced by the firm's facilities. Using the steps for optimization modeling based on chapter 4 of 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.
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