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(solution) 8. Recall the production model from Section 1.3: Max 10x s.t. 5x … 40 x U 0 Suppose the firm


8. Recall the production model from Section 1.3: Max 10x s.t. 5x … 40 x U 0 Suppose the firm in this example considers a second product that has a unit profit of $5 and requires 2 hours of production time for each unit produced. Use y as the number of units of product 2 produced. Show the mathematical model when both products are considered simultaneously. Identify the controllable and uncontrollable inputs for this model. Draw the flowchart of the input-output process for this model (see Figure 1.5). What are the optimal solution values of x and y ? Is the model developed in part (a) a deterministic or a stochastic model? Explain.

 


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