Maximizing Profit and such

  • Thread starter incoherent
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That will be the maximum profit.In summary, a company makes 2 products (Desk and Bookcase) and has 2 factories with limited hours (Factory A with 55 hours and Factory B with 39 hours). Making a desk requires 4 hours in Factory A and 3 hours in Factory B, while making a bookcase requires 3 hours in Factory A and 2 hours in Factory B. The profits for a desk and bookcase are $70 and $50 respectively. To find the maximum profit, a linear programming approach can be used to find the vertices of the feasible region and evaluate the profit function at each point. This will determine the optimal number of desks and bookcases to make. Two inequalities can be set up
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incoherent
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1. A company makes 2 products. Desk and Bookcase. The company has 2 factories and each product requires development time in both factories. Factory A only has 55 hours a week, and factory B only has 39 hours. To make a desk it takes 4 hours in factory A and 3 hours in factory B. To make a bookcase it takes 3 hours in factory A and 2 hours in factory B. Profits for the desk are 70 dollars, and 50 dollars for the bookcase.

That is all the information available...There are multiple questions, but one of the questions I encountered that I for whatever reason cannot coherently attempt is "Write down the profit function for the sale of X desks and Y bookcases."




2. It also asked to make 2 ineqaulities for the hours in each factory..which I think I did correctly?

4a+3b<=55
3a+2b<=39




3. P=x(70)+y(50)
 
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  • #2
incoherent said:
1. A company makes 2 products. Desk and Bookcase. The company has 2 factories and each product requires development time in both factories. Factory A only has 55 hours a week, and factory B only has 39 hours. To make a desk it takes 4 hours in factory A and 3 hours in factory B. To make a bookcase it takes 3 hours in factory A and 2 hours in factory B. Profits for the desk are 70 dollars, and 50 dollars for the bookcase.

That is all the information available...There are multiple questions, but one of the questions I encountered that I for whatever reason cannot coherently attempt is "Write down the profit function for the sale of X desks and Y bookcases."
If you make X desks and make a profit of 70 dollars on each, you make 70X dollars profit on those desks. If you make Y bookcases and make a profit of 50 dollars on each, you make 50Y dollars profit on those bookcases. Together, you make 70X+ 50Y dollars profit.
That is NOT the hardest part of these kinds of problems!



2. It also asked to make 2 ineqaulities for the hours in each factory..which I think I did correctly?

4a+3b<=55
3a+2b<=39




3. P=x(70)+y(50)
First, there are no "a" or "b" or "x" or "y" in your problem. They did label the factories "A" and "B" and they say "X desks" and "Y book cases" but "a", "b", "x", and "y" are NOT the same as "A", "B", "X", and "Y".

Also, if you mean "4A+ 3B<= 55", that makes no sense. A is a factory, not a number. You cannot multiply a number by a factory!

In other words, write down what letters you are using to represent what numbers and be consistent.

If X is the number of desks and Y is the number of book cases made, then since "To make a desk it takes 4 hours in factory A and 3 hours in factory B" and "To make a bookcase it takes 3 hours in factory A and 2 hours in factory B", with X desks and Y book cases, it will take 4X+ 3Y hours in factory A. Since factory A is restricted to 55 hours:
4X+ 3Y<= 55./

It will take 3X+ 2Y hours in factory B and factory B is restricted to 39 hours, so
3X+ 2Y<= 39.

The problem should eventually be "how many desks and bookcases should you make to maximize your profit?" The key idea in "linear programming" is that a linear function, like the profit 70X+ 50Y, on a convex polygon will take on both maximum and minimum values at the vertices of the polygon.

Here, since the "feasible region" is given by the inequalities X>= 0, Y>= 0, 4X+ 3Y<= 55, and 3X+ 2Y<= 39, the boundaries of that region are the lines X= 0, Y= 0, 4X+ 3Y= 55, and 3X+ 2Y= 39. Find the points where those lines cross, and evaluate 70X+ 50Y at each point to see which is largest.
 

What is the importance of maximizing profit?

Maximizing profit is essential for any business or organization as it directly impacts their financial stability and growth. It allows them to reinvest in their operations, expand their services, and attract investors.

What strategies can be used to maximize profit?

There are various strategies that can be used to maximize profit, such as increasing sales, reducing costs, improving efficiency, and diversifying products or services. It is crucial to analyze the market, competition, and customer needs to determine the most effective strategy.

How can a business balance between maximizing profit and ethical practices?

While maximizing profit is essential, businesses must also consider ethical practices to maintain a positive reputation and consumer trust. This can be achieved by setting ethical standards, being transparent in business operations, and considering the impact on employees, customers, and the environment.

What are the potential risks of solely focusing on maximizing profit?

Some potential risks of solely focusing on maximizing profit include sacrificing long-term sustainability for short-term gains, ignoring ethical practices, and damaging relationships with employees, customers, and stakeholders. It is crucial for businesses to balance profit and ethical considerations for long-term success.

How can data and analytics help in maximizing profit?

Data and analytics play a crucial role in maximizing profit by providing insights into consumer behavior, market trends, and operational efficiency. By analyzing this data, businesses can make informed decisions and develop effective strategies to increase profit and stay ahead in the competitive market.

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