Suppose that we wish to include the following business rule as a constraint of a linear programming model for the production of three different products, whose production levels are X₁, X₂, and X3 respectively. Select the correct translation of this constraint. Constraint: "The number of units of type 3 should not exceed 50% of the total number of other two products combined". 2X1 + 2X2 X3 ≥ 0 X₁ + X₂2X3 ≤ 0 2X₁ + 2X₂ X3 ≤ 0 O X₁ + X₂ - 2X3 ≥ 0 O X₁ + X₂ -0.5X3 ≥ 0
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- Please show how to solve bSuppose Box I contains five red balls and two white ones while Box II contains one red and four white ones. A box is chosen at random by selecting a random number from 0 through 9. If a 1 or 2 is selected, Box I is chosen; otherwise Box II is chosen. If I took Box 1 and chose 2 balls without replacement, what is the proabability that exactly one would be red?Player A and B play a game in which each has three coins, a 5p, 10p and a 20p. Each selects a coin without the knowledge of the other’s choice. If the sum of the coins is an odd amount, then A wins B’s coin. But, if the sum is even, then B wins A’s coin. Find the best strategy for each player and the values of the game.
- Problem 16-15 (Algorithmic) Strassel Investors buys real estate, develops it, and resells it for a profit. A new property is available, and Bud Strassel, the president and owner of Strassel Investors, believes if he purchases and develops this property it can then be sold for $160,000. The current property owner has asked for bids and stated that the property will be sold for the highest bid in excess of $100,000. Two competitors will be submitting bids for the property. Strassel does not know what the competitors will bid, but he assumes for planning purposes that the amount bid by each competitor will be uniformly distributed between $100,000 and $150,000. Develop a worksheet that can be used to simulate the bids made by the two competitors. Strassel is considering a bid of $130,000 for the property. Using a simulation of 1000 trials, what is the estimate of the probability Strassel will be able to obtain the property using a bid of $130,000? Round your answer to 1 decimal place.…A retail store in Des Moines, Iowa, receives shipments of a particular product from KansasCity and Minneapolis. Let x 5 number of units of the product received from Kansas City y 5 number of units of the product received from Minneapolisa. Write an expression for the total number of units of the product received by the retail store in Des Moines. b. Shipments from Kansas City cost $0.20 per unit, and shipments from Minneapolis cost$0.25 per unit. Develop an objective function representing the total cost of shipments to Des Moines. c. Assuming the monthly demand at the retail store is 5000 units, develop a constraint that requires 5000 units to be shipped to Des Moines. d. No more than 4000 units can be shipped from Kansas City, and no more than 3000 units can be shipped from Minneapolis in a month. Develop constraints to model this situation. e. Of course, negative amounts cannot be shipped. Combine the objective function and constraints developed to state a mathematical model…3 II | Here are the changes to the original problem and the revised conditions for this decision-making problem: With a favorable market, John Thompson thinks a large facility would result in a net profit of $195,000 to his firm. If the market is unfavorable, the construction of a large facility would result in $185,000 net loss. A small plant would result in a net profit of $110,000 in a favorable market, but a net loss of $25,000 would occur if the market was unfavorable. Doing nothing would result in $0 profit in either market conditions. a) Create a decision table, b) What is your recommendation if you would apply the Maximax criterion (Optimistic)? Follow the guidance from your textbook and create a table. c) What is your recommendation if you would apply the Maximin Criterion (Pessimistic)? Follow the guidance from your textbook and create a table. d) What is your recommendation if you would apply the Criterion of Realism (Hurwicz Criterion) with a coefficient of realism a =…
- Alice, Wonder, and Land are freshmen under the marketing management program. Every month, they purchase a piece of Panda ballpen. The price of the ball pen is Php9.50.According to a recent survey, 45% of the marketing freshmen have the samepurchasing behavior as Alice, Wonder, and Land. Another 30% also purchase Panda ballpens regularly at the same price; however, they purchase once every 2 weeks. There are approximately 280 freshmen under the marketing management program. Assuming that the behavior is consistent throughout their 4-year stay in the program, what is the approximate projected revenue that can be generated from the marketing freshmen for the entire duration of their stay in the program?Discuss the five (5) steps of the Theory of Constraints and apply each to asimulation/assumption of a constraint impacting Jaguar.SIMPLEX METHOD A factory makes tennis rackets and cricket bats. A tennis racket takes 1.5 hours of machine time and 3 hours of craftsman’s time in its making while a cricket bat takes 3 hour of machine time and 1 hour of craftsman’s time. In a day, the factory has the availability of not more than 42 hours of machine time and 24 hours of craftsman’s time. If the profit on a racket and on a bat is Php 20.00 and Php 10.00 respectively, find the maximum profit of the factory when it works at full capacity.
- a.) Formulate a LP model of this problemBimala is interested in buying a new house and has found a house she likes in Surry Hills. Bimala comes to you for advice about which of the following items would pass to her automatically if she buys the house: • A plastic bird bath which rest on the ground in the back garden; • A concrete swimming pool in the back garden; • A tapestry attached by small tapestry nails to the wall of the living room; and • A barbecue on wheels on the back deck. Advise Bimala. In your advice, please ensure that you refer to relevant case law. *NOTE: This is business law question. can you write more details about the question and answer.Select the components or elements in the formulation of the following model.: Linear optimization model Select one or more: constraints places supliers demands nature decisions strategy customers variants variables probability of states of nature decision-maker cost function payoffs non negativity constraints criterion states of nature criteria preferences criteria matrix players route evaluations capacities irational player