Question: Please solve and don't use previous answers. Do not use EXCEL or LINGO. (10 marks) Suppose that the objective of a two-variable optimization model is

Please solve and don't use previous answers. Do not use EXCEL or LINGO.

(10 marks) Suppose that the objective of a two-variable optimization model is to maximize 14x1+18x2, and that we find by graphing that the binding constraints are: (2) 7x1+3x2516 (5) 5x1+9x2780 Based on the above, the optimal solution is at x1=48,x2=60, and OFV =1752. (a) For the objective function coefficients, find the allowable increase and decrease for each coefficient (based on one-at-a-time changes). (b) Suppose that the right-hand side of (2) is changed to 516+b2. Find expressions for the values of x1,x2, and OFV as a function of b2, and from the latter state the shadow price of this constraint. [Do not worry about the allowable range.]

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