Problem:
Nonlinear Programming Model
Widgetco produces widgets at plants 1 and 2. It costs 20x^(1/2) dollars to produce x units at plant 1 and 40x^(1/3) dollars to produce x units at plant 2. Each plant can produce up to 70 units. Each unit produced can be sold for $10. There is demand for at most 120 widgets.
A) Formulate a mathematical model to help Widgetco determine the amount to produce at each plant so that net profit is maximized.
B) Implement the model in Excel and use Solver to find the optimal solution.