Product mix problem | Economics homework help

Problem:                         

Your company builds TVs, stereos and speakers, using a common parts inventory of power supplies,                         

speaker cones, etc. Parts are in limited supply. What is the best combination of products to build                         

that maximizes profit?        

Hint: Use the attached file – “FinalExam_Optimization_ScreenShot.jpg” – which will provide you clues on how to build the solution.    

Solution                        

1) The variables are clearly the number of TVs, stereos and speakers to build. In your worksheet, they                         

should be given the name Number_to_build.                        

2) The constraints specify that the number of parts used cannot exceed the supply. This leads to                        

    Number_used <= Number_available                     

There is also the logical constraint                        

    Number_to_build >= 0  via the Assume Non-Negative option                    

3) The objective is to maximize profit. 

In the ProductMix worksheet this should be defined as Total_profit.

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