A combined thermal power and cooling cycle proposed by Goswami is under intensive investigation, both theoretically and experimentally. The proposed cycle combines the Rankine and absorption refrigeration cycles, producing refrigeration while power is the primary goal. A binary ammonia-water mixture is used as the working fluid. This cycle can be used as a bottoming cycle using waste heat from a conventional power cycle or as an independent cycle using low temperature sources such as geothermal and solar energy. Initial parametric studies of the cycle showed the potential for the cycle to be optimized for first or second law efficiency, as well as work or cooling output. For a solar heat source, optimization of the second law efficiency is most appropriate, since the spent heat source fluid is recycled through the solar collectors. The optimization results verified that the cycle could be optimized. Theoretical results were extended to include realistic irreversibilities in the cycle, in preparation for the experimental study.