Question: I need help doing this problem step by step using solver in microsoft excel. Im super confused! Concept Recall Please recall the following concepts from


Concept Recall Please recall the following concepts from online leaming. - Objective Function - Decision Variables - Constraints Problem Analysis Think about the following questions while analyzing the problem. Take notes of your thoughts to share with your group in the next step. - What is the objective of this problem? - What decision variables do you have? - What is the objective function going to be? - What constraints or rules do you have to follow? - What is different in this problem as compared to the lawnmower problem? Problem Description What we have - We have four products: - Flats (\$20 profit) - Heels (\$30 profit - Wedges (\$25 profit) Sandals ( $5 profit) - We have 1500 square feet of leather - We have 500 lbs, of rubber - We have 200lbs. of cork What we know - Flats require 2 square feet of leather - Heels require - 2.8 square feet of leather - 1.2lbs. of cork - Wedges require - 1.2 square feet of leather - 2 lbs. of cork - Sandals Require - 0.8 square feet of Leather . 1.5lbs of rubber - You must make at least 10 of each. - You must make 2 flats for each set of heels. Find out - How many each type of shoes do we make? - What happens when our constraints change? - What happens if the objective function coefficient changes? Problem Solving Follow the steps below to solve the problem. - Step 1 Set up the core problem without the two extra constraints. - Solve the problem using solver. - Compare your objective function value with your group. - Step 2 Discuss how to set up the two additional constraints (recall elementary algebra. There is also a hint available on the next page). Set up the constraints in the solver and run it. - Compare your objective function value with the group. - Step 3 Read the sensitivity report and answer the following questions: - How many shoes of each type do we make? - How much more (and less) can we charge for each pair without changing the final value? - What does the shadow price tell us? - Step 4 - Submit your Excel file on Moodle individually after answering the questions in Step 3. Shoe store OFV =12416.67
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