Production Mix 2) A company produces four types of products. Profits per units are $100, $120,$90, and $80, respectively. The market demands no more than 100 units of product 1 and 2 and also no more than 100 units of product 3and 4. The selling price per unit of products are $500,$400,$650, and $350, respectively. The total revenue from the sale of product 1 and 3 must be at least $35000 while the desired total revenue from the sale of product 2 and 4 is at least $55000.
i) Define decision variables
ii) If you were maximizing the revenue, what would be the objective function?
iii) If you were maximizing the profit, what would be the objective function?
iv) If you were maximizing the revenue, what would be the entire formulation in this case?
v) If you were maximizing the profit, what would be the entire formulation in this case?
vi) Find the solution with QM for maximizing the profit.