Question: Problem Breakdown: We are tasked with determining how many television, radio, and newspaper advertisements the Westchester Chamber of Commerce should run to maximize total audience
Problem Breakdown:
We are tasked with determining how many television, radio, and newspaper advertisements the Westchester Chamber of Commerce should run to maximize total audience contact while adhering to the budget and the constraints provided.
Given:
Budget: $
Advertising Media:
Television T Radio R Newspaper N
Audience estimates and costs per advertisement:
Media Audience per Advertisement Cost per Advertisement Television $ Radio $ Newspaper $
Constraints:
Budget Constraint: The total cost of advertisements should not exceed $
TRNT R N leq
Radio Constraint: Radio advertisements must not exceed of the total advertisements:
RTRNR leq T R N
Television Constraint: Television advertisements must account for at least of the total number of advertisements:
TTRNT geq T R N
NonNegativity: The number of advertisements for each medium cannot be negative:
TRNT R N geq
Step : Define the Objective Function
The objective is to maximize the total audience contact, which can be expressed as:
MaximizeAudienceTRNtextMaximize AudienceT R N
Step : Solve the Linear Programming Problem
This problem can be solved using linear programming techniques such as Excel Solver or Pythons scipy.optimize.linprog. However, I'll walk through the steps to define the problem, which can be input into an LP solver.
Objective:
Maximize:
TRNT R N
Subject to the constraints:
Budget Constraint:
TRNT R N leq
Radio Constraint:
RTRNR leq T R N
This can be rewritten as:
RTRNorRTNorRTNR leq T R N quad textorquad R leq T N quad textorquad R leq T N
Television Constraint:
TTRNT geq T R N
This can be rewritten as:
TTRNorTRNT geq T R N quad textorquad T geq R N
NonNegativity:
TRNT R N geq
Step : Solve the LP Problem
Now, using an LP solver, we can calculate the values for TT RR and NN as well as the total audience reached.
Step : Interpretation
After solving the linear program, we will find:
The number of television, radio, and newspaper advertisements to run.
The total audience reached.
The allocation of the budget among the three media.
Step : What Happens with an Extra $
After solving the LP problem, we would calculate the marginal increase in audience contact when the budget is increased by $ This is done by recalculating the optimal solution with the increased budget and comparing the new audience contact value with the original one.
Placeholder answers:
Television T: This value will be determined after solving the linear program.
Radio R: This value will also be determined after solving the LP problem.
Newspaper N: This value will be determined as well.
Total Audience Reach: This is the sum of the audience contact values from the optimal number of advertisements for each medium.
Audience Increase with $: The increase in audience contact by adding $ to the promotional budget will be calculated from the optimal solution.
If you would like to input this into a solver like Excel Solver or Python, I can guide you through the steps to solve the problem.
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