Question: Please Use Excel Solver (Simplex LP) 3. A corporation plans on building a maximum of 11 new stores in a large city. They will build

Please Use Excel Solver (Simplex LP)

Please Use Excel Solver (Simplex LP) 3. A

3. A corporation plans on building a maximum of 11 new stores in a large city. They will build these stores in one of three sizes for each location - a convenience store (open 24 hours), standard store, and an expanded services store. The convenience store requires $4.125 million to build and 30 employees to operate. The 3 standard store requires $8.25 million to build and 15 employees to operate. The expanded-services store requires $12.375 million to build and 45 employees to operate. The corporation can dedicate $82.5 million in construction capital, and 300 employees to staff the stores. On the average, the convenience store is expected to bring net profit of $1.2 million annually, the standard store is expected to generate a net profit of $2 million annually, and the expanded services store is expected to generate a net profit of $2.6 million annually. How many of each should they build to maximize profit? Assign the variables: xl = number of convenience stores x2 = number of standard stores x3 = number of expanded services stores Write the constraints: a. xl + x2 + x3 = 11; b. 4.125 xl + 8.25x2 + 12.375x3 0, and x3 > 0. Write the objective function: P(xl, x2, x3)=1.2x1 + 2x2 +2.6x3 (in millions). Using Excel Solver (Simplex LP) obtain xl, x2 and x3 to maximize the profit. What should be the maximum profit

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