In: Finance
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 |
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5 |
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4 |
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3 |
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0 |
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2 |
How many constraints are there in this problem (do not include the trivial constraints)
None of the answers given here |
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2 |
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4 |
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3 |
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5 |
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1 |
How many of the constraints are ≤ constraints?
3 |
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5 |
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2 |
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1 |
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6 or more |
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0 |
Which of the following is the correct ratio constraint, given that X1 represents low income and X2 mid income?
-3X1 + X2 ≤ 0 |
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X1 – 3X2 ≥ 0 |
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None of the answers given here |
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X1 – 3X2 ≤ 0 |
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3X1 – X2 ≤ 0 |
The objective function is
11X1 + 8.5 X2 + 9.5 X3 |
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None of the answers given here |
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11X1 + 8.5 X2 |
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X1 + X2 + X3 |
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X1 + X2 |
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X1 + X2 + X3 ≤ 300 |
Which constraint belongs to this model?
None of the answers given here |
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X1 + X3 ≥ 145 |
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X1 + X2 + X3 ≤ 75 |
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X3 ≥ 75 |
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X1 ≤ 145 |
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