Formulate a Mathematical Program to Maximize Profit
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An oil refinery owns two plants that can produce the same product. It costs 20x^(1/2) to produce x barrels at Plant 1 and 40x^(1/3)to produce x barrels at Plant 2. Each plant can produce up to 70 barrels and each unit produced can sell for $10. At most 120 units can be sold.
a) Formulate a mathematical program to determine the production levels that will maximize profit for this refinery. Clearly define your decision variables, objective and constraints
b) Implement the model in Excel and use solver to find the optimal solution. Include a snapshot of your solution.
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The solution formulates a mathematical program to maximize profit.
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a) First, we ...
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