A B X1 Necklace 10.5 Question 2 Use the following reports and answer the questions that...

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A B X1 Necklace 10.5 Question 2 Use the following reports and answer the questions that follow Input sheet 1 2 5*3-15 marks C D E F G X2 bracelet X3 ear stud 4 3 3 Max 100 70 40 1450 4 Gold 4 3 2 60 = 40 6 Bracelet 1 4 < = 3 Answer report 14 Objective Cell (Max) 15 Cell Name Original Value Final Value 16 $E$3 Max 0 1450 17 18 19 Variable Cells 20 Cell Name Original Value Final Value Integer 21 $B$2 X1 Necklace 0 10.5 Contin 22 $C$2 X2 bracelet 0 4 Contin 23 $D$2 X3 ear stud 0 3 Contin 24 25 26 Constraints 27 Cell Name Cell Value Formula Status Slack 28 $E$4 Gold 29 $E$5 Platinum 60 $E$4 =$G$5 Binding 0 30 $E$6 Bracelet 4 $E$6 -$G$7 Binding 0 Sensitivity report 6 Variable Cells 7 8 Cell Name Value Cost Final Reduced Objective Allowable Allowable Coefficient Increase Decrease 9 $B$2 X1 Necklace 10.5 0 100 1E+30 6.666666667 10 $C$2 X2 bracelet 4 0 70 5 1E+30 11 $D$2 X3 ear stud 3 0 40 10 1E+30 12 13 Constraints 14 Final Shadow Constraint Allowable Allowable 15 Cell Name Value Price R.H. Side Increase Decrease 16 $E$4 Gold 60 26 60 20 15 17 $E$5 Platinum 40 -2 40 7.5 10 18 $E$6 Bracelet 4 0 7 1E+30 3 19 $E$7 Ear stud 3 -10 3 21 3 20 4 2a) Define shadow price and explain each shadow price in a sentence or two. 2b) What is the reduced cost of the bracelet? Show the calculations to get this reduced cost. 2c) If the objective coefficients of the necklace increase by 1, bracelet increase by 1, and ear-stud increase by 1, what is the new profit? Show your calculations. 2d) If you add 3 units of gold and 2 units of platinum to the current stock, what is the new profit? 2e) What are the lower and upper limits of objective coefficients? 5 A B X1 Necklace 10.5 Question 2 Use the following reports and answer the questions that follow Input sheet 1 2 5*3-15 marks C D E F G X2 bracelet X3 ear stud 4 3 3 Max 100 70 40 1450 4 Gold 4 3 2 60 = 40 6 Bracelet 1 4 < = 3 Answer report 14 Objective Cell (Max) 15 Cell Name Original Value Final Value 16 $E$3 Max 0 1450 17 18 19 Variable Cells 20 Cell Name Original Value Final Value Integer 21 $B$2 X1 Necklace 0 10.5 Contin 22 $C$2 X2 bracelet 0 4 Contin 23 $D$2 X3 ear stud 0 3 Contin 24 25 26 Constraints 27 Cell Name Cell Value Formula Status Slack 28 $E$4 Gold 29 $E$5 Platinum 60 $E$4 =$G$5 Binding 0 30 $E$6 Bracelet 4 $E$6 -$G$7 Binding 0 Sensitivity report 6 Variable Cells 7 8 Cell Name Value Cost Final Reduced Objective Allowable Allowable Coefficient Increase Decrease 9 $B$2 X1 Necklace 10.5 0 100 1E+30 6.666666667 10 $C$2 X2 bracelet 4 0 70 5 1E+30 11 $D$2 X3 ear stud 3 0 40 10 1E+30 12 13 Constraints 14 Final Shadow Constraint Allowable Allowable 15 Cell Name Value Price R.H. Side Increase Decrease 16 $E$4 Gold 60 26 60 20 15 17 $E$5 Platinum 40 -2 40 7.5 10 18 $E$6 Bracelet 4 0 7 1E+30 3 19 $E$7 Ear stud 3 -10 3 21 3 20 4 2a) Define shadow price and explain each shadow price in a sentence or two. 2b) What is the reduced cost of the bracelet? Show the calculations to get this reduced cost. 2c) If the objective coefficients of the necklace increase by 1, bracelet increase by 1, and ear-stud increase by 1, what is the new profit? Show your calculations. 2d) If you add 3 units of gold and 2 units of platinum to the current stock, what is the new profit? 2e) What are the lower and upper limits of objective coefficients? 5