3. The CEO of a local TV station wants to determine the optimal way of allocating...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
3. The CEO of a local TV station wants to determine the optimal way of allocating the 20 minutes of broadcast time available for the early evening news. More specifically, he would like to allocate the available time across four distinct areas, namely, local news, entertainment, sports, and weather. Federal broadcast regulations stipulate that at least 15% of the time available must be devoted to local news, the time devoted to local news and/or entertainment must be at least 50% of the time available, the time devoted to weather coverage must be less than or equal to that devoted to sports coverage, the time devoted to sports coverage must be no more than the total time spent on local news and/or entertainment, and at least 20% of the time must be devoted to weather coverage. Per minute production costs are running at $300 for local news, $200 for entertainment, $100 for weather, and $100 for sports. a) Formulate an LP that could be used to maximize profits. NOTE: Be careful to ensure that all your constraints are in the correct format, namely, a linear function of the decision variables on the left-hand side of a , =, or sign and a number on the right-hand side. b) Solve this LP using LINDO. Copy and paste the LINDO output into your assignment, including the problem statement, the regular output, and the sensitivity analysis. Also, be sure to highlight the optimal solution. c) Carefully interpret the dual price for the available time constraint. d) Carefully interpret the dual price for the constraint requiring that at least 15% of the time available be devoted to local news. e) Carefully interpret the dual price for the constraint requiring that at least 50% of the time available be devoted to local news and/or entertainment. f) Carefully interpret the dual price for the constraint requiring that the time devoted to weather coverage must be less than or equal to the time devoted to sports coverage. 3. The CEO of a local TV station wants to determine the optimal way of allocating the 20 minutes of broadcast time available for the early evening news. More specifically, he would like to allocate the available time across four distinct areas, namely, local news, entertainment, sports, and weather. Federal broadcast regulations stipulate that at least 15% of the time available must be devoted to local news, the time devoted to local news and/or entertainment must be at least 50% of the time available, the time devoted to weather coverage must be less than or equal to that devoted to sports coverage, the time devoted to sports coverage must be no more than the total time spent on local news and/or entertainment, and at least 20% of the time must be devoted to weather coverage. Per minute production costs are running at $300 for local news, $200 for entertainment, $100 for weather, and $100 for sports. a) Formulate an LP that could be used to maximize profits. NOTE: Be careful to ensure that all your constraints are in the correct format, namely, a linear function of the decision variables on the left-hand side of a , =, or sign and a number on the right-hand side. b) Solve this LP using LINDO. Copy and paste the LINDO output into your assignment, including the problem statement, the regular output, and the sensitivity analysis. Also, be sure to highlight the optimal solution. c) Carefully interpret the dual price for the available time constraint. d) Carefully interpret the dual price for the constraint requiring that at least 15% of the time available be devoted to local news. e) Carefully interpret the dual price for the constraint requiring that at least 50% of the time available be devoted to local news and/or entertainment. f) Carefully interpret the dual price for the constraint requiring that the time devoted to weather coverage must be less than or equal to the time devoted to sports coverage.
Expert Answer:
Related Book For
Quantitative Methods for Business
ISBN: 978-0324651751
11th Edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey cam
Posted Date:
Students also viewed these general management questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Why do you imagine Xcel agreed to invest $100 million in this risky experiment?
-
A 30-g bullet is fired with a velocity of 480 m/s into block A, which has a mass of 5 kg. The coefficient of kinetic friction between block A and cart BC is 0.50. Knowing that the cart has a mass of...
-
Missy Inc. is considering a project that has the following cash flow data. What is the project's IRR? Year 0 1 2 3 4 5 Cash flows -$1,550 $325 $325 $425 $325 $325
-
The financial statements for the business of Autocare are shown below. Required (a) Prepare the statement of cash flows for Autocare for the year ended 30 June 2025, using the direct method. (b)...
-
On July 1, 2018, the beginning of its fiscal year, the trial balance of the general fund of the city of Wentworth was as follows: The following events occurred: a. The budget shows estimated general...
-
Teaching students with disabilities requires knowledge of the law that serves as the foundation of special education, the Individuals with Disabilities Education Act (IDEA). There are specific...
-
The budget director of Birding Homes & Feeders Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the...
-
Explain and discusss each round separately please. No need to do the math, just need to discuss how the company is doing. Its for presentation. Balance Sheet (in thousands) Cash Accounts Receivable...
-
Consider a long-run event study of SEO events with abnormal returns defined as the difference between the returns of the event firm and its matched control firm. What would you consider to be a major...
-
A particular professionally managed UK equity investment fund produced better returns last year than any of its rivals. This means that it is likely to outperform its rivals again this year. Comment...
-
According to Modigliani and Miller, shareholders are indifferent between a dividend and a capital gain. Comment on this statement, which you have overheard.
-
It is widely accepted that dividend valuation models are an acceptable way of valuing businesses. Modigliani and Miller said that dividends are irrelevant to valuation and so flew in the face of...
-
Bellini plc is a Stock Exchange listed business. The directors are contemplating the idea as the business purchasing some of its own shares in the market, and cancelling them, as an alternative to...
-
Which of the following is the result if a payee who receives an instrument with missing information completes the missing information in a way that is inconsistent with the intent of the issuer, and...
-
Representative data read from a plot that appeared in the paper Effect of Cattle Treading on Erosion from Hill Pasture: Modeling Concepts and Analysis of Rainfall Simulator Data (Australian Journal...
-
Building a backyard swimming pool consists of nine major activities. The activities and their immediate predecessors are shown. Develop the projectnetwork. A BC D E F G H Activit Immediate...
-
The Porsche Club of America sponsors driver education events that provide high-performance driving instruction on actual racetracks. Because safety is a primary consideration at such events, many...
-
Amy Lloyd is interested in leasing a new Saab and has contacted three automobile dealers for pricing information. Each dealer offered Amy a closed-end 36-month lease with no down payment due at the...
-
A conducting loop having radius \(20 \mathrm{~cm}\) is held fixed, and there is a magnetic flux of \(0.6 \mathrm{~T} . \mathrm{m}^{2}\) through the loop. When the magnetic field is turned off, the...
-
A rectangular loop of length \(\ell=4 \mathrm{~cm}\), width \(w=3 \mathrm{~cm}\), and internal resistance \(R=0.5 \mathrm{~V} / \mathrm{A}\) is located so that the normal to the loop is parallel to a...
-
Suppose you are fabricating a device to measure the orientation of the Erath's magnetic field (i.e., \(50 \mu \mathrm{T}\) ). The device can accommodate a single conducting coil attached to a motor...
Study smarter with the SolutionInn App