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a) Identify the decision variables, objective function, and constraints in simple verbal expressions. b) Mathematically formulate a linear optimization model. c) Use Solver to find an optimal solution.

a) Identify the decision variables, objective function, and constraints in simple verbal expressions. b) Mathematically formulate a linear optimization model. c) Use Solver to find an optimal solution.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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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 70% 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 $2,000 a) Identify the decision variables, objective function, and constraints in simple verbal expressions. b) Mathematically formulate a linear optimization model. c) Use Solver to find an optimal solution.
Transcribed Image Text: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 70% 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 $2,000 a) Identify the decision variables, objective function, and constraints in simple verbal expressions. b) Mathematically formulate a linear optimization model. c) Use Solver to find an optimal solution.
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