You are interested in starting a paint business for the summer and are deciding your optimal...
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You are interested in starting a paint business for the summer and are deciding your optimal customer mix. The three types of customers within driving distance are apartment buildings, two story suburban homes, and large rural homes. Apartment buildings take 90 hours to paint and sell for $2000 per job, two story suburban homes take 18 hours to paint and sell for $320 per job, and large rural homes take 25 hours to paint and sell for $500 per job. There are 500 hours available for painting throughout the summer. Large rural homes require a special topcoat of 10 gallons of which you only have 100 gallons total. Since apartment buildings require a warranty that could require future time, you only want these customers to be at most 30% of your total revenue. What customers should be targeted to maximize revenue? a) Formulate mathematically this LP model: state the decision variables, objective function, and list all the constraints. b) Solve the model using Excel Solver. Provide an image of your model, solver screen, and report the optimum solution. Round decimals to the nearest hundredth. c) Which constraint (if any) is nonbinding? You are interested in starting a paint business for the summer and are deciding your optimal customer mix. The three types of customers within driving distance are apartment buildings, two story suburban homes, and large rural homes. Apartment buildings take 90 hours to paint and sell for $2000 per job, two story suburban homes take 18 hours to paint and sell for $320 per job, and large rural homes take 25 hours to paint and sell for $500 per job. There are 500 hours available for painting throughout the summer. Large rural homes require a special topcoat of 10 gallons of which you only have 100 gallons total. Since apartment buildings require a warranty that could require future time, you only want these customers to be at most 30% of your total revenue. What customers should be targeted to maximize revenue? a) Formulate mathematically this LP model: state the decision variables, objective function, and list all the constraints. b) Solve the model using Excel Solver. Provide an image of your model, solver screen, and report the optimum solution. Round decimals to the nearest hundredth. c) Which constraint (if any) is nonbinding?
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Related Book For
Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
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