Problem 1 (40 points) A jewelry store makes necklaces and bracelets from gold and platinum. The store has 36 ounces of gold and 40 ounces of platinum. Each necklace requires 3 ounces of gold and 2 ounces of platinum, whereas each bracelet requires 2 ounces of gold and 4 ounces of platinum. The demand for bracelets is no more than 8. A necklace earns $300 in profit and a bracelet, $400. The store wants to determine the number of necklaces and bracelets to make in order to maximize profit. 1) (10 Points) Please formulate the problem as a linear program. Please be sure that you provide the complete formulation. 2) (10 Points) Solve the linear optimization problem using Excel: What is the optimal solution? What is the optimal value of the objective function? 3) (20 Points) Without resolving the LP model, answer the following questions using the information in Answer Report and Sensitivity Report. Please include all the answers in an orderly fashion in the worksheet Solution. a. Which constraints are binding at the optimal solution? b. The maximum demand for bracelets is 8 . If the store produces the optimal number of bracelets and necklaces, will the maximum demand for bracelets be met? If not, by how much will it be missed? c. What will be the optimal solution if the profit on a bracelet increases from $400 to $500 ? What will be the maximum profit? Please explain. d. If additional gold is available at $45 per ounce, would you recommend the store consider purchasing more gold? How many additional ounces of gold should the store consider ordering? Please explain