Maximizing profit, anybody wanna help?

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Discussion Overview

The discussion revolves around maximizing profit through the production of three separate items, considering constraints related to labor hours and material costs. Participants explore methods for setting up and solving a linear programming problem, including the use of the simplex method.

Discussion Character

  • Technical explanation
  • Mathematical reasoning
  • Homework-related

Main Points Raised

  • One participant inquires about a specific formula for maximizing profit given constraints on labor hours and material costs.
  • Another participant suggests that the problem can be approached using a system of linear equations and inequalities, mentioning that the profit is maximized at the intersection of constraints.
  • Details about the production costs, labor hours, and profit yields for each item are provided, indicating the need to set up equations based on these parameters.
  • A participant expresses uncertainty about identifying the constraints necessary for the problem, indicating a lack of resources or references.
  • There is a suggestion that the original poster's cousin needs help specifically with finding the constraints of the problem.
  • A later reply indicates a misunderstanding in how the problem was initially oriented, leading to a retraction of the request for help.
  • Another participant requests a program for the TI89 calculator to assist with solving linear programming problems using the simplex method, highlighting a need for computational assistance.

Areas of Agreement / Disagreement

Participants do not reach a consensus on the best approach to the problem, with some expressing confusion about the constraints and others providing suggestions without resolving the uncertainties present in the discussion.

Contextual Notes

Participants mention missing resources and uncertainty about the correct orientation of the problem, indicating potential limitations in their understanding and approach.

Who May Find This Useful

Individuals interested in linear programming, profit maximization, or those seeking assistance with similar mathematical problems may find this discussion relevant.

kyzersozey
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Maximizing profit, anybody want to help??

I haven't taken statistics in many years so I am a bit rusty. I am trying to maximize profit. Is there a specific formula to follow in order to do this. There are three separtate items. What i need to know is how many of each item should I produce in order to max my profit. I have a budgeted amt of in factory labor hrs, on site labor hrs and total cash for building materials. Also, each item yields a separate amt. of profit, requires a separate amt. of factory labor hrs., and a separate amt. of on site labor hrs. Thanks in advance if anyone who is kind enought to provide me with a formula or suggestions.
 
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It's a system of linear equations and inequalities. You should be able to figure it out with pencil and paper if it's small, otherwise the simplex method is easy to program.

Here's a tip: the profit is maximized at one point where the constraints meet. You don't need to check the interior.

If you have more questions, post details on the problem.
 
Production sum for total materials is $8200000. Factory hrs. are a total of 218000hrs. Onsite hours are a total of 237000hrs. Per item numbers are as follows: (A. $6000 for materials, 240 factory hrs., 180 onsite hrs, and a profit yield of $3400) (B. $8000, 220hrs, 210hrs, profit yield of $4000) (C. $10000, 200hrs, 300hrs, profit yield of $5000)
 
kyzersozey said:
Production sum for total materials is $8200000. Factory hrs. are a total of 218000hrs. Onsite hours are a total of 237000hrs. Per item numbers are as follows: (A. $6000 for materials, 240 factory hrs., 180 onsite hrs, and a profit yield of $3400) (B. $8000, 220hrs, 210hrs, profit yield of $4000) (C. $10000, 200hrs, 300hrs, profit yield of $5000)

Now set this up as a system of equalities and inequalities:

Profit = 3400a + 4000b + 5000c
218000 >= 240a + 210b + 200c (hours)
. . .
 
I need help on what the constraints are. I'm going off of no book or guide to help me along in trying to figure out how to do it. This is all an attempt to help my cousin who is a soph in college right now. I just cannot remember how to do this and I have misplaced my book. trying to go off of memory is a bit harder than i thought. I originall thought it was a calculus problem so I made a commitment to help her out. Now I find out that it is a statistics problem and I am at a loss.
 
what she really needs help with is finding the constraints of this problem
 
nevermind disregard this entire thread. she just wasn't orienting the problem in the right way. She had a table set up and was thinking vertically when she should have been thinking vertically. Sorry. I must sound quite dim-witted
 
Hello,

Do you have a tested program for TI89 to solve Linear Programming problem using Simplex method Phase #1 and Phase #2? or I need a program TI89 which can pivot showing step-by-step or I can define the pivot element.

I convert max to minimum problem, I can make tables but I'm very slow in manual pivot.
 

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