Objective Function
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Explain the difference between profit and contribution in an objective function; and why is it important for the cecision maker to know which of the the objective function coeffieients represent?
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Solution explains the difference between profit and contribution in an objective function; and why is it important for the cecision maker to know which of the the objective function coefficients represents.
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The difference between profit or contribution as an objective function is
profit: Profit as an objective function contains revenue minus variable costs minus any fixed costs (setup cost, ...
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