Solving an Optimization Problem
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I’m having difficulties solving an optimization problem. I have tried using linprog (https://se.mathworks.com/help/optim/ug/linprog.html), especially “Solve LP Using Problem-Based Approach for linprog”, however to no success. I suspect the ‘internal service/subassembly” of factor 
and 
might be the root of the problem.
and might be the root of the problem.I would like to obtain the Solution and Lagrange Multipliers as I need those to calculate marginal costs and graph these for different production mix of 
and 
.
and . I’m open to suggestions on how to solve this problem? Thanks!
The problem is given by:
Factor prices are given by 
, 
, 
, 
, 
and 
, , , , and A diagram of the production would look something like this:
Suppose 
and 
units are produced and the factor comsumptions are the solution to program
.
and units are produced and the factor comsumptions are the solution to program.The solution can be checked by the factor chocies are 
. This impies a total cost of 632.33.
. This impies a total cost of 632.33.Answers (0)
This question is closed.
on 19 Oct 2019
Closed:
on 19 Oct 2019
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