Using excel solver, solve the following LP problem. X number of tables to be made X=...

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Using excel solver, solve the following LP problem. X₁ number of tables to be made X₂= number of chairs to be made X3 number of TV stands to be made Min cost (Z) = 40 x₁ +20 x₂ +15 X3 (currency used is in dollars) Subject to 7x1+3x2+2x3 ≥ 35 Min wood 2x1 + 4x2 + 1x3 ≥ 50 Min fiber X2 22 Min demand chairs X3 = 4 Exact TV stands X1, X2, X3 20 (Non-negativity constraint) 1.what is the reduced cost of tables? Calculate this value from the outputs. Show your calculation. 2.Cost of the table can be increased to by and decreased 3. What is the new cost if the cost of the table is decreased by $ 5 and the chair is decreased by $5? Show all your steps and explanation. 4. What is the new cost if you add 2 units wood and add 2 units of fiber? 5.Given that the supplier charges $2 less for each unit of wood and $1 less for each unit of fiber from their respective current prices. In this case, what is the new cost if 2 units of wood and 2 units of fiber are added to the current stocks? Using excel solver, solve the following LP problem. X₁ number of tables to be made X₂= number of chairs to be made X3 number of TV stands to be made Min cost (Z) = 40 x₁ +20 x₂ +15 X3 (currency used is in dollars) Subject to 7x1+3x2+2x3 ≥ 35 Min wood 2x1 + 4x2 + 1x3 ≥ 50 Min fiber X2 22 Min demand chairs X3 = 4 Exact TV stands X1, X2, X3 20 (Non-negativity constraint) 1.what is the reduced cost of tables? Calculate this value from the outputs. Show your calculation. 2.Cost of the table can be increased to by and decreased 3. What is the new cost if the cost of the table is decreased by $ 5 and the chair is decreased by $5? Show all your steps and explanation. 4. What is the new cost if you add 2 units wood and add 2 units of fiber? 5.Given that the supplier charges $2 less for each unit of wood and $1 less for each unit of fiber from their respective current prices. In this case, what is the new cost if 2 units of wood and 2 units of fiber are added to the current stocks?

Answer rating: 100% (QA)

To solve the LP problem using Excel Solver we need to set up the problem in a spreadsheet format with the objective function and constraints Step 1 Set up the spreadsheet The first step is to set up t... View the full answer