Question

2) Product mix problem is analogous to ---------------- [Provide detail explanation and type your answer and do not copy the answer from chegg study ]

Answer 1

Product mix problem is analogous to optimisation problem.

Linear Programming problems help the organisation to decide on the number of units of each product to produce given the resources are scarce, even then leading to the maximum benefits problem.

Example:

An organisation produces 2 products X and Y. Maximum labour available with the organisation is 120 hours.

X requires 2 hrs for production and Y requires 3 hours for production.

X yields $10 and Y yeilds $15 profit on sale of each unit.

This organisation needs to decide how many units of X and Y to be produced (product mix problem) so as to earn maximum profits (Optimisation problem)

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