4. Solve the problem given with the constrains and objective function. Maximize profit 30X1 + 40X2 Subject to; 4X1 + 2X2 32 2X1 X2 > 4 X₁ ≥ 2 X2 ≤ 4
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- Briefly explain these terms:a. Basic variableb. Shadow pricec. Range of feasibilityd. Range of optimality3 II | Here are the changes to the original problem and the revised conditions for this decision-making problem: With a favorable market, John Thompson thinks a large facility would result in a net profit of $195,000 to his firm. If the market is unfavorable, the construction of a large facility would result in $185,000 net loss. A small plant would result in a net profit of $110,000 in a favorable market, but a net loss of $25,000 would occur if the market was unfavorable. Doing nothing would result in $0 profit in either market conditions. a) Create a decision table, b) What is your recommendation if you would apply the Maximax criterion (Optimistic)? Follow the guidance from your textbook and create a table. c) What is your recommendation if you would apply the Maximin Criterion (Pessimistic)? Follow the guidance from your textbook and create a table. d) What is your recommendation if you would apply the Criterion of Realism (Hurwicz Criterion) with a coefficient of realism a =…A local real estate investor in Orlando is considering three alternative investments: a motel, a restaurant, or a theater. Profits from the motel or restaurant will be affected by the availability of gasoline and the number of tourists; profits from the theater will be relatively stable under any conditions. The following payoff table shows the profit or loss that could result from each investment. Based on the Maximax criteria, the investor should choose Investment Motel Restaurant Theater Motel Restaurant O Theater O Any of the three Shortage $-8,000 2,000 6,000 Gasoline Availability Stable Supply $15,000 8,000 6,000 Surplus $20,000 6,000 5,000
- Maximize Profit=123 L + 136 S 17 L+11 S≤ 3000 6 L+9 S≤2500 L20 and S20 (Availability of component A) (Availability of component B) Show Transcribed Text Implement the linear optimization model and find an optimal solution. Interpret the optimal solution. The optimal solution is to produce LaserStop models and SpeedBuster models. This solution gives the possible profit, which is $. (Type integers or decimals rounded to two decimal places as needed.)Assume that the payoff table provides cost rather than profit payoffs. What isthe recommended decision using:i. the optimistic approachii. the conservative approachiii. the minimax regret approachiv. the Laplace methodA survey was conducted to 12 first time voters on their preferred candidate. The results are: BBM, BBM, LR, IM, PL, PL, IM, IM, BBM, BBM, LR, LR. Which statement is true? The Borda score of PL is two points. BBM wins by plurality method. The Condorcet winner is IM. The modes are LR and IM Which of the following is a property of all linear programming problems? alternate courses of action to choose from minimization of some objectives a computer program usage of graphs in the solution
- Please show how to solve bFind decision variables, objective function, constraints and non-negativity constraints An auto company manufactures cars and trucks. Each vehicle must be processed in the paint shop and body assembly shop. If the paint shop were only painting trucks, 40 per day could be painted. If the paint shop were only painting cars, 60 per day could be painted. If the body shop were only producing cars, it could process 50 per day. If the body shop were only producing trucks, it could process 50 per day. Each truck contributes $300 to profit and each car contributes $200 to profit. In addition, the auto company can produce at most 30 trucks and 20 cars. The company wants to determine the daily production schedule that will maximize the company’s profit. Formulate the LP model for the problem.a.) Formulate a LP model of this problem
- Calculating outcomes as equally likely would BEST describe: O a. Maximax criterion O b. Laplace criterion O c. Regret criterion Od. Maximin criterion Determining the average payoff for each alternative and choosing the one with the BEST payoff is the approach called: ea, maximax O b. minimax regret O c. laplace Od maximin MFour qualified postgraduate students are to be allocated to four professors. The preference given by student (scale 1-10) is shown as table below. Student A В C D Professor James Jordan Janet 7 8 6. Jessy 5 8. 7 (a) Formulate a linear programming model for the problem. [NOTE: Please use x, where i = 1, 2,...,n -Professor and j=1, 2,...,m -Student to represent your decision variables.] (b) From the output below, what is the optimal allocation plan and what is the total preference scales obtained from the allocation plan? Model Variable Original Value Final Value Value x11 1 1 Value x12 1 Value x13 1 Value x14 Value x21 Value x22 Value x23 1 1 1 1 1 Value x24 1 Value x31 Value x32 Value x33 1 1 1 1 Value x34 1 Value x41 1 Value x42 1 Value x43 1 Value x44 1 1 699 445Player A and B play a game in which each has three coins, a 5p, 10p and a 20p. Each selects a coin without the knowledge of the other’s choice. If the sum of the coins is an odd amount, then A wins B’s coin. But, if the sum is even, then B wins A’s coin. Find the best strategy for each player and the values of the game.