Question: Problem 12 Chpt 13: Implement the liner optimization model that you developed cor ColPal Products in problem 5 on a spreadsheet and use Solver to

Problem 12 Chpt 13: Implement the liner optimization model that you developed cor ColPal Products in problem 5 on a spreadsheet and use Solver to find an optimal solution. Interpret the Solver Answer Report, identify the binding constraints, and verify the value of the slack variables by substituting the optimal solution into the model constraints.

Problem 5 Chpt 13: A brand manager for ColPal Products must determine how much time to allocate between radio and television advertising during the next month. Market research has provided estimates of the audience exposure for each minute of advertising in each medium, which it would like to maximize. Costs per minute of advertising are also known, and the manager has a limited budget of $25,000. The manager has decided that because television ads have been found to be much more effective than radio ads, at least 75% of the time should be allocated to television.

Suppose that we have the following data:

Type of Ad Exposure/Minute Cost/Minute
Radio 350 $400
TV 800 $2000

Question 2 Chpt 14: Solve Problem 12 in Chapter 13 (ColPal Products) to ensure that the number of minutes of radio and TV ads is integer-valued. How much difference is there between the optimal integer solution objective function and the linear optimization solution objective function? Would rounding the continuous solution have provided the optimal integer solution?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!