Using the graphical method and simplex method, we solve the LP model and obtain the optimal solution:
This paper demonstrates the application of mathematical techniques in business economics, using concepts from Frank S. Budnick's "Applied Mathematics for Business, Economics, and Social Sciences". We present a case study on the use of linear programming in optimizing production and profit maximization for a manufacturing firm. The study highlights the practical relevance of mathematical modeling in business decision-making. Using the graphical method and simplex method, we
Hillier, F. S., & Lieberman, G. J. (2015). Introduction to operations research. McGraw-Hill Education. The study highlights the practical relevance of mathematical
The results indicate that the firm should produce 60 units of product A and 80 units of product B to maximize profit, subject to the given constraints. J. (2015). Introduction to operations research.
Profit = 3(60) + 4(80) = 180 + 320 = 500
Maximize Profit = 3x1 + 4x2