Profit per unit of each product is determined by the following formula
Profit = Unit selling price - SUMPRODUCT of Manufacturing time on each machine and Cost per hr
Profit of product 1 = 75 - (2*10+3*5+7*4) = $ 12
Profit of product 2 = 70 - (3*10+2*5+3*4) = $ 18
Profit of product 3 = 55 - (4*10+1*5+2*4) = $ 2
Profit of product 4 = 45 - (2*10+2*5+1*4) = $ 11
LP model is formulated as under:
Decision variables:
Let X1, X2, X3, X4 be the number of product 1, 2, 3, 4 to be produced respectively
Objective function:
Max 12X1+18X2+2X3+11X4 (total profit)
Constraints:
2X1+3X2+4X3+2X4 <= 500 (total time on machine 1)
3X1+2X2+1X3+2X4 <= 380 (total time on machine 2)
7X1+3X2+2X3+1X4 <= 450 (total time on machine 3)
X1, X2, X3, X4 >= 0
Create the spreadsheet model, enter Solver Parameters as shown below. Then click Solve button on the Solver parameters window. Result will appear in cells B10:E10
EXCEL FORMULAS:
F3 =SUMPRODUCT(B3:E3,$B$10:$E$10) copy to F5:F7
Solution:
X1 = 0
X2 = 133.33
X3 = 0
X4 = 50
Total profit = $ 2,950
i just want the answer to include decision variable , objective function and the constrains "6...
Problem 1 (10 pts): Construct a mathematical model (define your
variables, write an objective function and constraints).
Problem 2 (10 pts): Use Excel's Solver tool to determine the
optimal solution that will maximize profit. Summarize your results.
In the Solver toolbox, choose "Simplex LP".
Problem 3 (10 pts): Discuss the effect on the optimal solution
in Problem 2 if the profit on a small table increases to $12. In
the Solver toolbox, rchoose "Simplex LP". If you Copy/Paste from
Problem...
I need the answer to include solver and excel. Thank
you.
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