Statistics Solutions

(See Solution) Recall the production model from Section 1.3: Max 10 x s.

Question: Recall the production model from Section 1.3:

Max 10 x

s. t.

\[\begin{aligned} 5 x & \leq 40 \\ x & \geq 0 \end{aligned}\]

Suppose the firm in this example considers a second product that has a unit profit of $5 and requires 2 hours for each unit produced. Use \(y\) as the number of units of product 2 produced.

  1. Show the mathematical model when both products are considered simultaneously.
  2. What are the optimal solution values of \(x\) and \(y\) ?

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