Question

In: Operations Management

A comic book publisher must meet the following demand for a popular comic book on time...

A comic book publisher must meet the following demand for a popular comic book on time or risk long term loss of revenue as schools change to another comic: quarter 1-60,000; quarter 2-40,000; quarter 3-50,000; quarter 4-15,000. The comic can be printed for $25 with regular-time labor and for $35 with overtime labor. At most 30,000 comics can be printed with regular-time labor in a single quarter. The publisher currently has 5,000 comics on hand. It costs $4 per quarter to hold a comic in inventory. Formulate an LP to meet the demand on time at minimum cost.

Expert Solution

LP model is formulated as under:

Let

Ri be the number of comics to be printed with regular-time labor in quarter i

Oi be the number of comics to be printed with overtime labor in quarter i

Vi be the number of comics held in inventory in quarter i

Minimize 25R1+25R2+25R3+25R4+35O1+35O2+35O3+35O4+4V1+4V2+4V3+4V4

s.t.

R1+O1-V1+V0 = 60000

R2+O2-V2+V1 = 40000

R3+O3-V3+V2 = 50000

R4+O4-V4+V3 = 15000

V0 = 5000

R1, R2, R3, R4 <= 30000

Ri, Oi, Vi >= 0

-----------------------

Solution of the LP model using LINGO is as follows:

Result:

Total cost = $ 4,550,000

keosha answered 3 weeks ago

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