Determine the amount of slack for all constraints

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Reference no: EM132220319

A jewelry store makes necklaces and bracelets from gold and platinum. The store has 18 ounces of gold and 20 ounces of platinum. Each necklace requires 3 ounces of gold and 2 ounces of platinum, whereas each bracelet requires 2 ounces of gold and 4 ounces of platinum. The demand for bracelets is no more than four. A necklace earns $300 in profit and a bracelet, $400. The store wants to determine the number of necklaces and bracelets to make in order to maximize profit.

a) Formulate a linear programming model for this problem.

b) Graph the constraints and identify the feasible region.

c) Determine the optimal solution and the maximum profit (show your calculations) and include “a managerial statement” that communicates the results of the analyses (i.e. describe verbally the results).

d) Determine the amount of slack for all constraints.

e) The maximum demand for bracelets is 4. If the store produces the optimal number of bracelets and necklaces, will the maximum demand for bracelets be met? If not how much will it be missed?

f) Explain the effect on the optimal solution of increasing the profit on a bracelet from $400 to $600. What would be the new solution?

Reference no: EM132220319

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