Difference between maximization and minimization in linear programming

Discuss the similarities and differences between minimization and maximization problems using the graphical solution approaches of LP.

It is important to understand the assumptions underlying the use of any quantitative analysis model. What are the assumptions and requirements for an LP model to be formulated and used?

It has been said that each LP problem that has a feasible region has an infinite number of solutions. Explain.

You have just formulated a maximization LP problem and are preparing to solve it graphically. What criteria should you consider in deciding whether it would be easier to solve the problem by the corner point method or the isoprofit line approach?

Under what condition is it possible for an LP problem to have more than one optimal solution?

Please, solve each problem by utilizing QM for Windows and/or Excel QM. Capture the screenshots for the solution and other appropriate data

Explain the problems in detail
The Electrocomp Corporation manufactures two electrical products: air conditioners and large fans. The assembly process for each is similar in that both require a certain amount of wiring and drilling. Each air conditioner takes 3 hours of wiring and 2 hours of drilling. Each fan must go through 2 hours of wiring and 1 hour of drilling. During the next production period, 240 hours of wiring time are available and up to 140 hours of drilling time may be used. Each air conditioner sold yields a profit of $25. Each fan assembled may be sold for a $15 profit. Formulate and solve this LP production mix situation to find the best combination of air conditioners and fans that yields the highest profit. Use the corner point graphical approach.

Electrocomp’s management realizes that it forgot to include two critical constraints (see Problem 7-14). In particular, management decides that there should be a minimum number of air conditioners produced in order to fulfill a contract. Also, due to an oversupply of fans in the preceding period, a limit should be placed on the total number of fans produced.