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

I need help doing this problem step by step using solver in microsoft excel. Im super confused!  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 online leaming. - Objective Function - Decision Variables - Constraints

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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