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Optimal product mix between product a and product b

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Reference no: EM131630880

The next few questions refer to the following information:

A company wants to determine the optimal product mix between Product A and Product B. The cost of producing the products is nonlinear (cubed for Product A, quadratic for Product B) so that the objective function is:

Max 4A + 6B - A3 - 2B2

The constraints are:

A + 3B <= 8

5A + 2B <= 14

A >= 0, B >= 0

1. Using Solver's GRG Nonlinear solution algorithm find the optimal solution to this problem and describe it.

2. A screenshot of your spreadsheet setup for this problem

3. A screenshot of your Solver setup for this problem.

Reference no: EM131630880

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