Problem
One plus, a mobile manufacturing company wants to manufacture various smartphones for different price levels. They also want to ensure the quality of their mobiles, so they plan to purchase a stress test machine and a inspection machine. The stress test machine can give the marginal profit of 20$ per mobile and the inspection machine gives a marginal profit of 30$ per mobile. The budget that the company allocates to purchase these machines is 1,000,000$, The area that the company can allocate to the machines purchased is 20000 square feet. The purchase price of Stress machine is 80,000$ & Inspection machine is 100,000$. Stress machine occupies 60 square feet & Inspection machine occupies 80 square feet.
1. Is this a maximization or a minimization problem?
2. Identify the decision variables.
3. Identify the constraints.
4. Write the model summary (objective function and the constraints).