Maximization using simplex method, payoff table
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3. Given the following linear programming problem:
Maximize: Z = 8x1 + 12x2 + 10x3
Subject to : 2x1 + 4x2 + 2x3 <= 60
9x1 + 4x2 + 16x3 <= 242
5x1 + 4x2 + 6x3 <= 125
x1, x2, x3 >= 0
a. Solve the problem using the simplex method.
b. Does the problem have an alternate optimum? If so, compute it.
4. The East End Technology Company specializes in Ergonomic wrist supports. This Ergonomic wrist supports is sold at a price of $3.50 and costs $2.00 to process. Any wrist supports not sold that day may be sold later to an after-market supplier for only $1.25. Your intuition tells you that sales of 0, 10, 20, 30, or 40 cases of Wrist supports are possible.
a. Compute the payoff table
b. Which alternative would you use using the optimist's decision model?
c. Which alternative would you use using the pessimist's decision model?
d. Which alternative would you use using the minimization of regret decision model?
(see attached file for details)
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Solution Summary
Solves a linear programming problem using simplex method. Uses payoff tables and optimist's decision model, pessimist's decision model and minimization of regret decision model to arrive at decisions.
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