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Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

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Page 1: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Spring 2015Mathematics in

Management Science

Mixture Problems

What are these?

Examples

Algebra Review

Page 2: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

A Mixture Problem Example

A candy manufacturer has: 1000 lbs of chocolate,200 lbs of nuts,100 lbs of fruit.

They make 3 mixes:special – 3 lbs choc, 1 lb nuts, 1 lb fruit;regular – 4 lbs choc, .5 lbs nuts, no fruit;purist – 5 lbs only chocolate.

These sell for $10, $6, $4 per pound.

How much of each should they make?

Page 3: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Mixture Problems

To combine limited resources into products so that the profit from selling these products is maximized.

A Production Policy tells us how many units of each product to make (without violating resource constraints).

An Optimal Production Policy is a PP which yields maximum profit.

Page 4: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Common Features of MPs

Resources – limited, known quantities

Products – combine/mix resources to get

Recipes – describe how many units of each resource need to make each product

Profits – products earn known profit

Objective – Determine how much of each product to make to maximize profit (w/o exceeding any resource limitations).

Find an OPP.

Page 5: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Another MP Example

Your company makes orange juice. It takes 10 oranges to make 1 carton of juice. You have 200 oranges.

What are possible production policies?

Answer

You can produce anywhere between 0 and 20 cartons of juice.

Page 6: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Feasible Region

All possible production policies; given via

resource constraints.

Have algebraic representation of FR:

Let x be number of cartons of juice.

Then 0 ≤ x ≤ 20 .

Have geometric rep (i.e. a picture) of FR:

0 5 10 2015

Feasible region for the orange juice problem

Number of cartons of juice

x

Page 7: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Recipes, Constraints, Production Variables

Recipe 10 oranges to make 1 carton of juice

Constraints200 oranges available

Production Variable x = number of cartons to make

Profit??

Page 8: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Making Profit

Suppose 50 cents profit on each carton.

Question

How many cartons of juice should be produced to maximize profit?

Answer 20, of course.

This will use up all the oranges, and

yield a profit of 20 x 50 cents = $10.

Page 9: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

One Resource & Two Products

Suppose make either juice or frozen concentrate.It takes 5 oranges to make a can of concentrate.

Now what are the production possibilities?

Examples of Production Options:• 20 cartons of juice, no concentrate• No juice and 40 cans of concentrate• 10 cartons of juice and 20 cans of concentrate• 15 cartons of juice and 10 cans of concentrate

Page 10: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Production Variables & Feasible Region

Make x cartons of juice: use 10x oranges.

Make y cans concentrate: use 5y oranges.

Make x cartons and y cans: use

10x + 5y oranges.

Resource constraint: have 200 oranges.

Feasible Region:

10x + 5y ≤ 200 , x ≥ 0, y ≥ 0

What does picture of FR look like?

Page 11: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Algebra Review

• Number line • Inequalities• Coordinates• Cartesian plane• Lines ax + by = c• Linear Inequalities ax + by ≤ c

0 1 2 3 4 5x2 ≤ x ≤ 5

Page 12: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Coordinates

Coordinates used to identify a location (aka, a pt) with a set of numbers (e.g., latitude & longitude) so that we can refer to it and everyone knows where we are talking about.Can do this in one dimension (a number line), two dimensions (a coordinate plane), and all higher dimensions.Construct coordinates by introducing a base point (the origin) and intersecting lines through the base point (the axes) and then measuring distances parallel to the axes to other points.

Page 13: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

y

2

1

0

One Dimension (1-D):

x

2

0 1 2 3

Two Dimensions (2-D):

x

2

1 2 3

3 (3, 2)

Page 14: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Numbers on axes are for convenience—save us from getting a ruler to measure distances.For 2-D get a pair of numbers for each point (thecoordinates) and order is important!

(horizontal distance, vertical distance).

To “plot a point” means to locate and mark the point with the given coordinates.Get a “picture” for data that consists of pairs of numbers by treating the pairs of numbers as coords and then plotting the points.

Page 15: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Example

Plot the points: (−1, 2), (2, −1), (2, 1)

y

x 0 1 2 3

2

1(2, 1)

(2, )

( 2)

Page 16: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

The axis labels give the variables we use to refer to point coords. Usually, the axes are labeled x and y , so a generic point is (x, y ).

If we say y = 2, we mean that the vertical (second) coordinate is 2, so the point has a vertical distance from the origin of 2.

There are many (infinitely many) points that satisfy this condition.We specify one of these by giving its x coord.

Page 17: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Coords & the xy-Plane

x

y

(2,5)

(0,0) (2,0)

(0,5)(6,3)

(3,8)

y = 5x = 3

Page 18: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Equations (e.g., 2x + 3y = 7) are constraints that only some points (i.e., their coords) will satisfy.For example, (2, 1) and (−1, 3) both satisfy

2x + 3y = 7 , but neither (1, 1) nor (1, 2) satisfy this equation.

All pts that satisfy an equation give the solution set for the equation; we can graph an equation by plotting all pts in its solution set. This gives a picture of the solution set.

Can also do this for inequalities;e.g., 2x + 3y ≤ 7.

Page 19: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Picturing Inequalities

x

y

(0,0)

x ≥ 0

y ≥ 0 x ≥ 0 & y ≥ 0

Page 20: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Since equations are associated with a graphs (pictures of the solution set), we can use pictures to help us solve the problems we will look at.

All equations of the typeax + by = c (e.g. x+5y=10)

have graphs which are straight lines; this is the general equation of a line.

Page 21: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

Drawing LinesEvery equation of the form ax + by = c can

be pictured as a line in the xy-plane.

First determine the x-intercept & y-intercept.

These are the points where the line crosses the x-axis & x-axis respectively. You find these by setting y=0 or x=0 respectively.

Then sketch the line joining these points.

Page 22: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

An Example 10x+5y=200

(20,0)

(0,40) 10x+5y=200

10x+5y≤200

x intercept

y intercept

Page 23: Spring 2015 Mathematics in Management Science Mixture Problems What are these? Examples Algebra Review

An Example 5x+2y=60

(12,0)

(0,30) 5x+2y=60

5x+2y≤60

x intercept

y intercept