Using excel solver, solve the following LP problem. *1=number of necklaces to be made *1= number of bracelets to be made *3= number of ear-studs to be made Maximize Profit (Z) = 70 x +30 x +15 xg Subject to 7x+3x+2x3 60 Maximum availability of gold 2x + 4x + 1x3 60 Maximum availability of platinum x 2 3 Minimum necklace required x3 = 4 Exact ear studs to be produced X X X30 (Non-negativity constraint) Note that fractional values for the variables are acceptable. Use two decimal places to provide answers to questions 4 through 8 1. Generate Input Sheet 5 marks 2. Answer report 7.5 marks 3. Sensitivity report 7.5 marks Each of the following questions carries three marks 5*4=20 marks 4. what is the reduced cost of bracelet? Calculate this value from the outputs. Show your calculation. 5. The shadow price of gold, ____(provide gold shadow price) is valid for an increase of up to ________units from the current value and decrease of up to _______________ units. 6. What is the new cost if the cost of necklace is decreased by $10 and bracelet decreased by $2? Show all your steps and explanation 7. What is the new cost if the min demand for necklace is 5 instead of 3 and exact ear stud is 5 instead of 4? Use your outputs to answer this problem; resolving is not allowed. 8. As we discussed in class, we have to analyze the results and why we get the answers as we get. Do you find any problem in the above business context and explain? (there are some problems, analyze your outputs) the min cost z=70x1+30x2+15x3 subject to 5x1+3x2+2x3