Use EXCEL and formulas Linear program problem whose output follows determines how many necklaces, bracelets, rings,...

Use EXCEL and formulas

Linear program problem whose output follows determines how many necklaces, bracelets, rings, and earrings a jewelry store should stock. The objective function measures profit; it is assumed that every piece stocked will be sold. Constraint 1 measures display space in units, constraint 2 measures time to set up the display in minutes. Constraints 3 and 4 are marketing restrictions.

MAX 100X1+120X2+150X3+125X4

S.T.

1) X1+2X2+2X3+2X4<108

2) 3X1+5X2+X4<120

3) X1+X3<25

4) X2+X3+X4>50

Use the microsoft excel solver method to find the solution and the sensitivity report.

Which resource should the company increase and why?

Solutions

Expert Solution

1. Put the value in excel as shown below.

2. Update the formulas.

3. Use solver and input the values.

4. Final solution

5. Sensitivity report.

milcah answered 1 year ago

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