A university library has received an endowment which generates an annual income of $10,000. The library...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A university library has received an endowment which generates an annual income of $10,000. The library has decided that it will use all or some of this money to pay for new annual subscriptions to electronic versions of journals. There are five such journals under consideration. To help decide what to choose, for each journal they have three pieces of information: (i) for each journal they know the annual subscription cost in dollars, (ii) they know the number of times each journal is cited by articles in other journals, and (iii) they know the average faculty member's evaluations of journals based on a scale of 0 to 10. Journal 1 2 3 4 5 Annual Cost Citations Evaluations 135 7.6 130 9.9 200 98 146 $2300 $1900 $1600 $3400 $2500 9.2 8.1 7.8 The budget can be taken as a system constraint. There are three goals: (i) The number of unsubscribed journals should be as low as possible. (ii) The average number of citations of the subscribed journals should meet or exceed the average number of citations of all five journals. (iii) The average faculty evaluations of the subscribed journals should be at least 8. The first goal is five times as important as the third goal, and the second goal is twice as important as the third goal. (a) In LINGO syntax or as an Excel file, define the set of decision variables and the three deviational variables. write the three sets of deviational constraints, and complete the model with an objective function and the budget constraint. (Hint: For two of the deviational constraints, you will need to cross-multiply before inserting the deviational variable. You might want to try this by hand before entering it into a computer.) (b) Solve the model in LINGO or the Excel Solver, and state the recommended solution. A university library has received an endowment which generates an annual income of $10,000. The library has decided that it will use all or some of this money to pay for new annual subscriptions to electronic versions of journals. There are five such journals under consideration. To help decide what to choose, for each journal they have three pieces of information: (i) for each journal they know the annual subscription cost in dollars, (ii) they know the number of times each journal is cited by articles in other journals, and (iii) they know the average faculty member's evaluations of journals based on a scale of 0 to 10. Journal 1 2 3 4 5 Annual Cost Citations Evaluations 135 7.6 130 9.9 200 98 146 $2300 $1900 $1600 $3400 $2500 9.2 8.1 7.8 The budget can be taken as a system constraint. There are three goals: (i) The number of unsubscribed journals should be as low as possible. (ii) The average number of citations of the subscribed journals should meet or exceed the average number of citations of all five journals. (iii) The average faculty evaluations of the subscribed journals should be at least 8. The first goal is five times as important as the third goal, and the second goal is twice as important as the third goal. (a) In LINGO syntax or as an Excel file, define the set of decision variables and the three deviational variables. write the three sets of deviational constraints, and complete the model with an objective function and the budget constraint. (Hint: For two of the deviational constraints, you will need to cross-multiply before inserting the deviational variable. You might want to try this by hand before entering it into a computer.) (b) Solve the model in LINGO or the Excel Solver, and state the recommended solution.
Expert Answer:
Answer rating: 100% (QA)
a Let x i binary integer such that the subscription for journali is purchased for ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
On December 31, 2010, Excello Electric Company had $1 million of short-term notes payable due February 7, 2011. Excello expected to refinance these notes on a long-term basis. On January 15, 2011 the...
-
On December 31, 2010, Atwood Table Company has $8 million of short-term notes payable owed to City National Bank. On February 1, 2011, Atwood negotiates a revolving credit agreement providing for...
-
On December 31, 20X2, an insurance company purchased $10 million of 10-year, 10% debentures for $8,852,950. On December 31, 20X3 (after all interest payments and amortization had been recorded for...
-
Three components can be used to build an Oracle statement: Statement, Prepared-Statement and CallableStatement.(True/False)
-
Rochelle is a partner in Megawatt Partnership. For 2015, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income $25,000 Section 1231 loss (3,000)...
-
A thin slab of metal is formed in the shape of a square. The \(x-y\) vertices of the square are \((0,0),(1,0),(0,1)\), and \((1,1)\). The faces of the slab in the \(z\)-direction are insulated so...
-
Suppose Sunshine Florists, Inc., has cash of \($40,000,\) receivables of \($30,000,\) and furniture and fixtures totaling \($170,000.\) Sunshine Florists, Inc., owes \($60,000\) on account and has a...
-
When is a companys competitive advantage most likely to endure over time?
-
Find PV of $750 annuity due payments at the beginning of the year for 9.5 years @ 8.5% annual interest.
-
Why have many institutions moved away from the dormitory concept to smaller rooms occupied by two or three juveniles? allows for separation between types of people who are incarcerated makes the...
-
Write a paper in which youll identify your strengths and weaknesses in Time Management
-
A proton is composed of two up \((u)\) quarks \((q=+2 / 3 \mathrm{e})\) and one down \((d)\) quark \((q=-1 / 3 \mathrm{e})\). What is the electric force between two up quarks separated by \(1 \times...
-
Three identical metallic beads A, B, and C possess charges \(q_{1}, q_{2}\), and \(q_{3}\), respectively. All the three beads are affixed on a meter scale where A lies at \(0, B\) lies at \(60...
-
Two particles 1 and 2 , each carrying \(3.0 \mathrm{nC}\) of charge, are located \(6 \mathrm{~cm}\) apart. Where along the symmetry axis between particles 1 and 2 should a particle 3 carrying a...
-
Two identical charged dice having \(+5 \mu \mathrm{C}\) of charge, each having mass \(3 \mathrm{~g}\), stay in static equilibrium on the surface of a table with a separation of \(12 \mathrm{~m}\)...
-
Explain how you would find the value of a bond futures option.
-
What product drove the most ecommerce purchases in October 2022? There was a spike in users on October 12, 2022. Looking at the Google Analytics 4 data, what was the likely cause of this spike in...
-
Question 6.10 Current and deferred tax worksheets and tax entries From the hip Ltd?s statement of profit or loss for the year ended 30 June 2007 and extracts from its statements of financial position...
-
On January 1, 2010, Lynch Company acquired 13% bonds with a face value of $50,000. The bonds pay interest on June 30 and December 31 and mature on December 31, 2012. Lynch Company paid $51,229.35, a...
-
The 2010 statement of cash flows for the Andell Company, as developed by its bookkeeper, is shown here: You determine that the amounts of the items listed on the statement are correct, but in certain...
-
At the beginning of 2011, the Flynne Company decided to change from the LIFO to the FIFO inventory cost flow assumption. The following data are available: The tax rate is 30%. The company has a...
-
Can we use any trial vector \(\vec{X}_{1}\) in the matrix iteration method to find the largest natural frequency?
-
Rayleigh's method a. Finds the natural frequencies and mode shapes of the system, one at a time, using several trial values for each frequency. b. Finds all the natural frequencies using trial...
-
Fill in the Blank. For a shaft carrying masses \(m_{1}, m_{2}, \ldots\), Rayleigh's method gives the natural frequency as \[\omega=\left\{\frac{g\left(m_{1} w_{1}+m_{2} w_{2}+\cdots ight)}{m_{1}...
Study smarter with the SolutionInn App