ScholarMatic: Explanation & Answer
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URGENT I need help on the following question:
You ask the production team to make some candles for the sale. The team is not sure how many they can produce in your short time frame, so they ask for an acceptable range for how many of each candle they should make. Use your costs and recommended retail prices to create linear programming model to show the BeeSwaks executives possible profits for selling certain numbers of each type of candle during this promotion. Decide on the constraints for the numbers of candles made for the sale and explain your reasoning for these constraints. Graph the feasible region and find maximum and minimum profits.
Info: The retail price must be greater than the cost. I suggest setting the retail price for both the Brick and the Egyptian candles at $5.
Teacher Hints:
- Writes a linear programming model that is accurate with their recommendations: Think about the cost of each candle and what you set for the retail price. How much profit does each candle make? Create objective function to find the total profit from selling a number of each candle. Also determine constraints for the number of candles requested from the factory. Keep in mind that it is a small sale and production time is limited. Think about the customers in the area where you will sell the candles. Do you think one of the models would sell better than the other?
- Correctly graphs the feasible region.: Graph the lines based on your model. Because the factory manager asked for a range of each, you should have a closed feasible region.
- Correctly finds the maximum profit.: Find the coordinates of the vertices of the feasible region. Find the pair that gives the greatest result.
- Correctly finds the minimum profit.: Find the coordinates of the vertices of the feasible region. Find the pair that gives the smallest result.
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ScholarMatic: Explanation & Answer
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