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LINEAR PROGRAMMING You are trying to create a budget to optimize the use of a portion...

LINEAR PROGRAMMING

You are trying to create a budget to optimize the use of a portion of your disposable income. You have a maximum of $2,400 per month to be allocated to food, shelter, and entertainment. The amount spent on food and shelter combined must not exceed $1,000. The amount spent on shelter alone must not exceed $700. Entertainment cannot exceed $300 per month. Each dollar spent on food has a satisfaction value of 2, each dollar spent on shelter has a satisfaction value of 2, and each dollar spent on entertainment has a satisfaction value of 5.

Assuming a linear relationship, use the Excel Solver to determine the optimal allocation of your funds. (Round your answers to the nearest whole number.)
  Decision for F   
  Decision for S   
  Decision for E   
  Total Satisfaction   
        Resources
       Used
  Total budget   
  $ on food and shelter   
  $ on shelter   
  $ on entertainment   
business   Operations-Management   
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Answer #1

The problem is formulated in excel as below. The below 2 images show the formulation as well as the formulas used

Post these the solver parameters need to be entered as per the below image.

Once this is done, click on solve. The solver will solve the problem and show the message stating the same. Click on ok. The excel will now have the final solution as per below image.

We can see that the decision for Food is $ 1000, Decision for Shelter is $0 and Decision for Entertainment is $3000.

We can see that the total satisfaction which is the objective function is 3500.

Total Budget = $2400

$ on food and shelter = 1000 + 0 = 1000

$ on shelter = 0

$ on entertainment = 300

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