Answered: Suppose that the feasible region of a…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter11: Simulation Models

Section11.2: Operations Models

Problem 2P: In Example 11.1, the possible profits vary from negative to positive for each of the 10 possible...

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In Example 11.1, the possible profits vary from negative to positive for each of the 10 possible bids examined. a. For each of these, use @RISKs RISKTARGET function to find the probability that Millers profit is positive. Do you believe these results should have any bearing on Millers choice of bid? b. Use @RISKs RISKPERCENTILE function to find the 10th percentile for each of these bids. Can you explain why the percentiles have the values you obtain?
Assume the demand for a companys drug Wozac during the current year is 50,000, and assume demand will grow at 5% a year. If the company builds a plant that can produce x units of Wozac per year, it will cost 16x. Each unit of Wozac is sold for 3. Each unit of Wozac produced incurs a variable production cost of 0.20. It costs 0.40 per year to operate a unit of capacity. Determine how large a Wozac plant the company should build to maximize its expected profit over the next 10 years.

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Suppose that the feasible region of a maximization LP problem has corners of​ (0,0), (10,0),​ (5,5), and​ (0,7). If profit is given to be​ $X +​ $3Y what is the maximum profit the company can​ earn?

Part 2

Suppose that the feasible region of a maximization LP problem has corners of (0,0), (10,0), (5,5), and (0,7). If profit is given to be $X + $3Y what is the maximum profit the company can earn?