Question: Please explain how to solve using Excel with cell refences Gatson manufacturing company produces 2 types of tires: Economy tire; Premium tire. The manufacturing time
Please explain how to solve using Excel with cell refences
Gatson manufacturing company produces 2 types of tires: Economy tire; Premium tire. The manufacturing time and the profit contribution per tire are given in the following table.
a. Using the developed spreadsheet model, find the optimal solution using Excel Solver. How many tires of each model should Gatson manufacture? b. What is the total profit Gatson can earn with the optimal production quantities?
| Manufacturing Time (Hours) | Time Available | ||
| Operation | Economy tires | Premium tires | Hours |
| Material Preparation | 1.33 | 0.50 | 600 |
| Tire Building | 0.80 | 1.00 | 650 |
| Curing | 0.50 | 0.50 | 580 |
| Final Inspection | 0.20 | 0.33 | 120 |
| Profit/Tire | $ 12.00 | $ 10.00 | |
| Model | |||
| Economy tires | Premium tires | ||
| Number of tires to produce: | 1 | 1 | |
| Profit | $ 22.00 | ||
| Operation | Time Used | Time Available | |
| Material Preparation | 1.83 | 600 | |
| Tire Building | 1.80 | 650 | |
| Curing | 1.00 | 580 | |
| Final Inspection | 0.53 | 120 | |
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