JUST NEED HELP WITH PART 2 (EXCEL SOLVER)
Clearlake Marketing Group (CMG) is a full-service marketing research company. CMG is being hired to interview registered voters in a city to gain insights into their opinions about certain political issues. Each voter is to be interviewed in person. The costs of interviewing different types of voters vary due to the differences in proportion throughout the population. Based on previous studies, estimates of the interview costs for different types of voters are given in the table below.
Cost Per Interview |
|||
Gender |
Democrat |
Republican |
Independent |
Male |
$ 10 |
$ 9 |
$ 12 |
Female |
$ 11.5 |
$ 11 |
$ 14 |
The contract called for CMG to conduct interviews under the requirements (as detailed in the constraints section) given below. Please help CMG to develop an interview plan.
Part 1. Linear Programming (LP) Model
Formulate a linear programming (LP) model for this problem. Please follow the steps below.
X1= Male Democratic voter
X2=Male Republican voter
X3= Male Independent voter
X4= Female Democratic voter
X5= Female Republican voter
X6= Female Independent voter
Min Z = 10x1+9x2+12x3+ 11.5x4+11x5+14x6
10x1+9x2+12x3+11.5x4+11x5+14x6 ≥ 4,500
12x3+14x6 ≥ 1,500
x1+x2+x3 ≥ 1,800
x4+x5+x6 ≥ 2,000
x1+x4 ≤ .3(x1+x2+x3+x4+5+x6)
x2+x5 ≤ .40 (x1+x2+x3+x4+5+x6)
x1 ≤ .20(x1+x2+x3+x4+5+x6)
x6 ≥ .10 (x1+x2+x3+x4+5+x6)
(x1+x2+x3+x4+5+x6) ≥ 0 Nonnegativity!
Part 2. Spreadsheet Model and Solver Model
Construct a spreadsheet (Excel) model and solve the problem by Excel Solver. Please generate the Answer Report and Sensitivity Report from Excel Solver (You don’t need to submit the Answer Report and Sensitivity Report). Answer the following questions based on the Answer Report and Sensitivity Report from Excel Solver.
Part 1
There are some incorrect constraint formulation. Please find the correct solution to part 1
Formulate a linear programming (LP) model for this problem. Please follow the steps below.
X1= Male Democratic voter
X2=Male Republican voter
X3= Male Independent voter
X4= Female Democratic voter
X5= Female Republican voter
X6= Female Independent voter
Min Z = 10x1+9x2+12x3+ 11.5x4+11x5+14x6
x1+x2+x3+x4+x5+x6 ≥ 4,500 [Correction is done here as interview cost was included incorrectly whereas only number should be included]
x3+x6 ≥ 1,500 [Correction is done here[Correction is done here as interview cost was included incorrectly whereas only number should be included]
x1+x2+x3 ≥ 1,800
x4+x5+x6 ≥ 2,000
x1+x4 ≤ .3(x1+x2+x3+x4+5+x6)
x2+x5 ≤ .40 (x1+x2+x3+x4+5+x6)
x1 ≤ .20(x1+x2+x3+x4+5+x6)
x6 ≥ .10 (x1+x2+x3+x4+5+x6)
(x1+x2+x3+x4+5+x6) ≥ 0 Nonnegativity!
Part 2
What is the optimal interview plan?
X1= Male Democratic voter = 0
X2=Male Republican voter = 1450
X3= Male Independent voter = 1050
X4= Female Democratic voter = 1200
X5= Female Republican voter = 350
X6= Female Independent voter = 450
How much is the optimal total interview cost?
Optimal total interview cost = 49600
Related to contract requirement #2 given in Part 1: If the minimum number of Independents interviewed increases by 1 (i.e., changes from 1,500 to 1,501) while the other parameters remain constant, how much will the total interview cost change? Please indicate whether it is an increase, a decrease, or no change.
From sensitivity report we can see shadow price of contract requirement #2 is 2.5 i.e with every unit increase of number of Independents interviewed, the total interview cost will change by 2.5
So here, total interview cost will change by $2.5
It is an Increase
Related to contract requirement #3 given in Part 1: If the minimum number of males interviewed increases by 1 (i.e., changes from 1,800 to 1,801) while the other parameters remain constant, how much will the total interview cost change? Please indicate whether it is an increase, a decrease, or no change.
Shadow price of the constraint is 0 as number of males to be interviewed has been turned out to be 2500 in the final solution which is more than 1800 so increment of 1 unit does not have any affect to the total interview cost
So, It is No Change
JUST NEED HELP WITH PART 2 (EXCEL SOLVER) Clearlake Marketing Group (CMG) is a full-service marke...
Need help solving a linear programming problem. Can you please use step by teps in excel solver and show work so I can follow. Thank you. Portfolio Xi= The amount of dollars to invest in stock i i=1=A, 2=B, 3=C, 4=D, 5=E Max Expected Return Z=4.5X1+5.2X2+6.0X3+7.2X4+4.2X5 Subject to: X1+X3<=50,000 X2+X5<=50,000 X4<=50,000 X1>=20,000 X3<=0.2(X1+X3) X1+X2+X3+x4+X5<=100,000 Xi>=0 for all i