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Assignment 1. Linear Programming Case Study
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Your instructor will assign a linear programming project for this assignment according to the following specifications.
It will be a problem with at least three (3) constraints and at least two (2) decision variables. The problem will be bounded and feasible. It will also have a single optimum solution (in other words, it won�t have alternate optimal solutions). The problem will also include a component that involves sensitivity analysis and the use of the shadow price.
You will be turning in two (2) deliverables, a short writeup of the project and the spreadsheet showing your work.
Writeup.
Your writeup should introduce your solution to the project by describing the problem. Correctly identify what type of problem this is. For example, you should note if the problem is a maximization or minimization problem, as well as identify the resources that constrain the solution. Identify each variable and explain the criteria involved in setting up the model. This should be encapsulated in one (1) or two (2) succinct paragraphs.
After the introductory paragraph, write out the L.P. model for the problem. Include the objective function and all constraints, including any non-negativity constraints. Then, you should present the optimal solution, based on your work in Excel. Explain what the results mean.
Finally, write a paragraph addressing the part of the problem pertaining to sensitivity analysis and shadow price.
Excel.
As previously noted, please set up your problem in Excel and find the solution using Solver. Clearly label the cells in your spreadsheet. You will turn in the entire spreadsheet, showing the setup of the model, and the results.
Click here to view the grading rubric for this assignment.
Please analyze the following linear programming question below by answering the following questions
Is this a maximization or minimization question?
What is the objective function?
Identify the constraints
What are the vertices?
What is the optimal solution?
Show your calculations first by hand, draw the graphs and state the functions in slope � intercept form.
Use excel solver QM to provide final calculations and graph.
Provide a sensitivity analysis and discuss your findings.
A calculator company produces a scientific calculator and a graphing calculator. Long-term projections indicate an expected demand of at least 100 scientific and 80 graphing calculators each day. Because of limitations on production capacity, no more than 200 scientific and 170 graphing calculators can be made daily. To satisfy a shipping contract, a total of at least 200 calculators much be shipped each day.
If each scientific calculator sold results in a $2 loss, but each graphing calculator produces a $5 profit, how many of each type should be made daily to maximize net profits?
