Question

In: Finance

A marketing research firm would like to do a survey for one of their clients. The...

A marketing research firm would like to do a survey for one of their clients. The survey is for a local newspaper that would like to know how effective its advertising strategy has been for a new publication. The cost for surveying is $11 for a low-income household, $8.5 for a mid-income household, and $9.5 for a high-income household. The survey must include at least 300 households. At least 75 must be high-income homes and at least 145 should be low and mid-income households. The ratio of mid-income to low-income household should not be greater that 3 to 1. Formulate a linear programming model that will minimize surveying costs.

How many decision variables are in this problem?

None of the amswers given here

5

4

3

0

2

How many constraints are there in this problem (do not include the trivial constraints)

None of the answers given here

2

4

3

5

1

  1. How many of the constraints are ≤ constraints?

    3

    5

    2

    1

    6 or more

    0

Which of the following is the correct ratio constraint, given that X1 represents low income and X2 mid income?

-3X1 + X2 ≤ 0

X1 – 3X2 ≥ 0

None of the answers given here

X1 – 3X2 ≤ 0

3X1 – X2 ≤ 0

The objective function is

11X1 + 8.5 X2 + 9.5 X3

None of the answers given here

11X1 + 8.5 X2

X1 + X2 + X3

X1 + X2

X1 + X2 + X3 ≤ 300

Which constraint belongs to this model?

None of the answers given here

X1 + X3 ≥ 145

X1 + X2 + X3 ≤ 75

X3 ≥ 75

X1 ≤ 145

Solutions

Expert Solution

Let the number of low income house hold be X1, mid income house hold be X2 and high income house hold be X3

Objective function

Min Z = 11X1 + 8.5X2 + 9.5X3

Constraints -

X1 + X2 + X3 >= 300 ... must include at least 300 households --- constraint 1

X3 >= 75 ... atleast 75 high income --- constraint 2

X1 + X2 >= 145 ... atleast 145 should be low and mid income --- constraint 3

X2/X1 <= 3/1 => X2 - 3X1 <= 0 ... ratio of mid to low income --- constraint 4

How many decision variables are in this problem?
3 (X1, X2, X3)

How many constraints are there in this problem (do not include the trivial constraints)
4

How many of the constraints are ≤ constraints?
1 (constraint 4)

Which of the following is the correct ratio constraint, given that X1 represents low income and X2 mid income?
-3X1 + X2 ≤ 0

The objective function is
11X1 + 8.5X2 + 9.5X3

Which constraint belongs to this model?
X3 >= 75


Related Solutions

A marketing research firm would like to do a survey for one of their clients. The...
A marketing research firm would like to do a survey for one of their clients. The survey is for a local newspaper that would like to know how effective its advertising strategy has been for a new publication. the cost for surveying is $11 for a low income household, $8.5 for middle income household and $9.5 for a high income household. The survey must include at 300 households. At least 75 must be high income homes and at least 145...
MULTI STEP PROBLEM PLEASE ANSWER ALL. A marketing research firm would like to do a survey...
MULTI STEP PROBLEM PLEASE ANSWER ALL. A marketing research firm would like to do a survey for one of their clients. The survey is for a local newspaper that would like to know how effective its advertising strategy has been for a new publication. the cost for surveying is $11 for a low income household, $8.5 for middle income household and $9.5 for a high income household. The survey must include at 300 households. At least 75 must be high...
Suppose the marketing research firm would like to examine if the social networking site that a...
Suppose the marketing research firm would like to examine if the social networking site that a person primarily uses is influenced by his or her age. In a randomly drawn sample, 530 social network users were asked which site they primarily visited. These data are presented in the following table along with each person's age group: Social Media Age (years) Facebook Twitter LinkedIn 10-17 21 18 12 18-34 41 66 44 35-54 62 63 61 55 and older 61 43...
Suppose a marketing research firm would like to examine if the social networking site that a...
Suppose a marketing research firm would like to examine if the social networking site that a person primarily uses is influenced by his or her age. In a randomly drawn​ sample, 344 social network users were asked which site they primarily visited. These data are presented in the following table along with each​ person's age group. Age Group Site A Site B Site C 2-17 26 14 2 18-34 90 35 12 35-54 92 19 18 55+ 27 3 6...
Suppose a marketing research firm would like to examine if the social networking site that a...
Suppose a marketing research firm would like to examine if the social networking site that a person primarily uses is influenced by his or her age. In a randomly drawn​ sample, 361 social network users were asked which site they primarily visited. These data are presented in the following table along with each​ person's age group. Complete parts a. through c. below. Alpha = .05 Social Networking Site Age_Group Site_A Site_B Site_C 2–17 27 16 1 18–34 110 25 11...
Utilizing a random sample of 100, the Richardson marketing research firm would like to test whether...
Utilizing a random sample of 100, the Richardson marketing research firm would like to test whether it is true that the mean customer satisfaction rating for the new virtual reality system exceeds 50 (benchmark mu). After collecting the data, you, the analyst, find that the sample mean is 50.99 and the sample standard deviation (s) is 3.360. (a) Build H0 (null hypothesis) and Ha (alternative hypothesis) for testing the claim that the mean customer satisfaction rating is above 50. (b)...
Utilizing a random sample of 100, the Richardson marketing research firm would like to test whether...
Utilizing a random sample of 100, the Richardson marketing research firm would like to test whether it is true that the mean customer satisfaction rating for the new virtual reality system exceeds 50 (benchmark mu). After collecting the data, you, the analyst, find that the sample mean is 50.99 and the sample standard deviation (s) is 3.360. (a) Build H0 (null hypothesis) and Ha (alternative hypothesis) for testing the claim that the mean customer satisfaction rating is above 50. Null,...
2) I would like to do a Marketing research on Macy company. Please provide me with...
2) I would like to do a Marketing research on Macy company. Please provide me with some information related to secondary data and primary data and what are the marketing problem in the marketing mix that I will have to research to solve for this company (Area of concern, area of improvement, eliminate and area of difficulty, etc. based on two items in the Marketing Mix (product, price, promotion, place).
One of your clients in India, a government employee, would like to reduce his taxes ....
One of your clients in India, a government employee, would like to reduce his taxes . He is trying to decide whether he should contribute 50,000 to a Retirement Savings Plan this year. He has life insurance policy to which he pays a monthly premium of 8500. a. What advice would you give to your client regarding Retirement Savings Plan contribution? Explain your conclusion. b. What are the other alternative methods through he can plan his income and tax.
Why would a firm research the marketing infrastructure of a foreign market prior to entry? a....
Why would a firm research the marketing infrastructure of a foreign market prior to entry? a. To quantify the potential demand for the firm's products or services. b. To determine whether its prices will be competitive. c.Marketing infrastructure is more of a concern of the local partner so research ahead of market entry would generally not be required. d.To better understand the wholesale and retail sectors, local marketing regulations, and distribution options. e. Primarily to understand the role of the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT