2020-2021-Summer
INE-213 Introduction to Mathematical Optimization<\/p>\n
SUMMER COURSE- FINAL EXAM<\/p>\n
Question #1: (50 points)<\/p>\n
Wild West produces two types of cowboy hats. A Type 1 hat requires twice as much labor time as a Type 2. If all the available labor time is dedicated to Type 2 alone, the company can produce a total of 400 Type 2 hats a day. The respective market limits for the two types are 150 and 200 hats per day. The revenue is $8 per Type 1 hat and $5 per Type 2 hat.<\/p>\n
a) Use the graphical solution to determine the number of hats of each type that maximizes revenue.<\/p>\n
b) Determine the dual price of the production capacity (in terms of the Type 2 hat) and the range for which it is applicable.<\/p>\n
c) If the daily demand limit on the Type 1 hat is decreased to 120, use the dual price to determine the corresponding effect on the optimal revenue.<\/p>\n
d) What is the dual price of the market share of the Type 2 hat? By how much can the market share be increased while yielding the computed worth per unit?<\/p>\n
Question #2: (25 points)<\/p>\n
Based on the graphical solution of Reddy Mikks LP model above; What is the optimality range of the objective function coefficient x2 (CB) assuming that the other constant is kept at its present value?<\/p>\n
Question #3: (25 points)<\/p>\n
If resource one availability is increased by two units what is the associated optimum revenue? (Hint: Use graphical sensitivity analysis method)<\/p>\n","protected":false},"excerpt":{"rendered":"
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