Please solve using EXCEL SOLVER and show steps 1 – A company requires during the next...

Please solve using EXCEL SOLVER and show steps

1 – A company requires during the next four months, respectively, 50, 65, 100, and 70 units of a commodity (no backlogging is allowed). Production costs are $5, $8, $4, and $7 per unit during these months. The storage cost from one month to the next is $2 per unit (assessed on ending inventory). It is estimated that each unit on hand at the end of month 4 could be sold for $6. Formulate an LP that will minimize that the net cost incurred in meeting the demands of the next four months. Solve the problem using Solver by Excel. Find the range of values for production costs which the current basis remains optimal.

Hint: Decision variables are production during each month and inventory at the end of each month.

Expert Solution

From the above information,

Here,

orchestra answered 1 year ago

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