math project

MGF 1106 – PROJECT #1 LINEAR PROGRAMMING This project is designed to help you understand how linear programming is applied to new business models. We encourage you to go the math lab if you need help completing it. It gets uploaded to Canvas. STEP 1 (IN CLASS) Within your group, decide on two objects that you want to sell at a kiosk in the mall. Also, determine what your budget is, how much each item will cost you well as how many of the items (in total) you can reasonably fit in your kiosk. Bring your choice up to your professor for approval.

Item 1: Item 2:

Cost for Item 1: Cost for Item 2:

Total Number of Items that fit in your kiosk: Total Budget:

STEP 2 (INDIVIDUAL) Decide how much you want to charge your customers for each item, and then determine how much profit you will earn from each item (based on the cost from Step 1). Charged Price for Item 1: Profit per item: Charged Price per Item 2: Profit per item: STEP 3 (INDIVIDUAL) Assume that you want to maximize your profit. Using the information above, let x = Item 1 and y = Item 2. What constraints (inequalities) do you have from your problem? Write out the function you are trying to maximize:

STEP 4 (INDIVIDUAL) Solve the problem that you created in Step 3. Include the graph on this page.

STEP 5 (INDIVIDUAL) How many of each item then, do you need to purchase in order to maximize your profit? What will that maximal profit be? STEP 6 (INDIVIDUAL) In your opinion, what was the hardest part of the project and why?