Profit rate performance optimization for a generalized irreversible combined refrigeration cycle

Finite-time exergoeconomic performance of a Newtonian heat transfer law system generalized irreversible combined refrigeration cycle model with finite-rate heat transfer, heat leakage and internal irreversibility is presented in this paper. The operation of the generalized irreversible combined refrigeration cycle is viewed as a production process with exergy as its output. The performance optimization of the cycle is performed by taking profit as the objective. The optimal profit rate, optimal COP (coefficient of performance), as well as the relation between the optimal profit rate and COP of the cycle are derived. The focus of this paper is to obtain the compromise optimization between economics (profit rate) and the energy utilization factor (COP) for the cycle, by searching the optimum COP at maximum profit rate, which is termed as the finite time exergoeconomic performance bound. Moreover, the effects of various factors, including heat leakage, internal irreversibility and the price ratio, on the profit rate performance of the cycle are analysed by detailed numerical examples.