The NCAA is making plans for distributing tickets to the upcoming regional basketball championships. Up to...

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The NCAA is making plans for distributing tickets to the upcoming regional basketball championships. Up to 10,000 available seats will be divided between the media, the competing universities, and the general public. Media people are admitted free, but the NCAA receives $45 per ticket from universities and $100 per ticket from the general public. At least 500 tickets must be reserved for the media and at least half as many tickets should go to the competing universities as to the general public. Within these restrictions, the NCAA wishes to find the allocation that raises the most money. Formulate an LP to maximize revenue. Use Python and Gurobi to solve the problem and answer the following questions: a. What is the optimal seat allocation? b. What is the marginal cost to the NCAA of each seat guaranteed to the media? c. Suppose that there is an alternative arrangement of the arena that can provide 15,000 seats. How much additional revenue would be gained from the expanded seating? How much would it be for 20,000 seats? d. Some coaches want the NCAA to restrict media seats to 20% of those allocated for universities. Could this policy change the optimal solution? How about 10%? The NCAA is making plans for distributing tickets to the upcoming regional basketball championships. Up to 10,000 available seats will be divided between the media, the competing universities, and the general public. Media people are admitted free, but the NCAA receives $45 per ticket from universities and $100 per ticket from the general public. At least 500 tickets must be reserved for the media and at least half as many tickets should go to the competing universities as to the general public. Within these restrictions, the NCAA wishes to find the allocation that raises the most money. Formulate an LP to maximize revenue. Use Python and Gurobi to solve the problem and answer the following questions: a. What is the optimal seat allocation? b. What is the marginal cost to the NCAA of each seat guaranteed to the media? c. Suppose that there is an alternative arrangement of the arena that can provide 15,000 seats. How much additional revenue would be gained from the expanded seating? How much would it be for 20,000 seats? d. Some coaches want the NCAA to restrict media seats to 20% of those allocated for universities. Could this policy change the optimal solution? How about 10%?

Answer rating: 100% (QA)

To solve this optimization problem using Python and Gurobi well first need to i... View the full answer