Hillier, F. S., & Lieberman, G. J. (2015). Introduction to operations research. McGraw-Hill Education.
Mathematical modeling has been widely used in business economics to tackle various problems, including production planning, inventory management, and resource allocation. Linear programming (LP) is a fundamental technique in operations research and management science, used to optimize linear objective functions subject to linear constraints. LP has been successfully applied in various industries, including manufacturing, finance, and logistics. Hillier, F
Budnick, F. S. (1988). Applied mathematics for business, economics, and social sciences. McGraw-Hill. (2015)
Profit = 3(60) + 4(80) = 180 + 320 = 500 Mathematical modeling has been widely used in business
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.