5. Consider the following problemMaximize Z = 2x₁ - x₂ + x3,subject toand X₁ ≥ 0, X₂ ≥ 0,The final tableau of the simplex method isBas EqVar No ZZX4X1X23x₁ + x₂ + x3 ≤ 6 (resource 1)x₁ - x₂ + 2x3 ≤ 1 (resource 2)X₁ + X₂ X3 ≤ 2 (resource 3)x3 ≥ 0.0 1102 03X10X₂0001Coefficient ofX3X41.510.5-1.5X501.51-100.50 -0.5X60.5-20.50.5RightSide2.511.50.5(a) What is the shadow price for each resource?(b) If we can increase all resource capacity, which resource has the priority?(c) If Z is the profit measured in million, and the cost to increase each resource by one unit is $1million, should we increase the resource 1 by one unit? What about resource 2 and resource3?

Answered: 5. Consider the following problem = 2x₁…

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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21. A linear programming problem has two constraints 2X + 4Y ≤ 100 and 1X + 8Y ≤ 100, plus nonnegativity constraints on X and Y. Which of the following statements about its feasible region is TRUE? Part 2 A. The graphical origin (0, 0) is not in the feasible region. B. The feasible region includes all points that satisfy one constraint, the other, or both. C. The feasible region cannot be determined without knowing whether the problem is to be minimized or maximized. D. The two corner points are (0, 0) and (50, 12.5). E. There are four corner points including (50, 0) and (0, 12.5)
Consider the following LP problem: Min 6X+ 27Y Subject to : 2 X + 9Y => 25, and X + Y <= 75. Pick a suitable statement for this problem: a. X=37.5, Y=37.5 is the only optimal solution. b. Optimal Obj. function value is 75 c. X = 0, Y = 0 is the only optimal solution. d. Optimal Obj. function value is 0
3. A company produces three products: A,B and C. Each product requires two raw materials; steel and aluminum. The following LP model describes the company’s product mix problem x1, x2, and x3 represent the number of units of product A, B and C respectivelyMax Z = 30x1 + 10x2 + 50x3Subject to6 x1+ 3 x2 + 5 x3 ≤ 450 (steel)3 x1 + 4 x2+ 5 x3 ≤ 300 (alumimium), X1, x2, x3 ≥ 0 Identify the two production methods that optimize the company’s profit (hint: Use simplex method)
1. Consider the following linear programming formulation: Min 5x + 2y Subject to (1) 3x + 6y ≥ 18 (2) 5x + 4y ≥ 20 (3) 8x + 2y ≥ 16 (4) 7x + 6y ≤ 42 (5) x, y ≥ 0 a. Solve the problem graphically. Specifically, show each constraint and the feasible region, draw an objective function line and identify an optimal point (the solution). When reporting the optimal solution and the corresponding objective function value, you may estimate the optimal x and y values from the graph. b. What are the optimal values of x and y, using the solver add-in? What is the corresponding value of the objective function? c. How many extreme points does the feasible region have? Enumerate them. Hint: It's from the graph. d. Change the objective function to 15x + 12y.. What is the new optimal solution(s)?
7. A linear programming problem is given as below. What is the optimal solution (X1, X2)? Maximize: Z = 5X1 + 3X2 subject to: X1+ X2≤ 12X1+2X2 ≤ 20X2 ≥ 3X1, X2 ≥ 0 Select one: a. (9, 3) b. (20, 0) c. (0, 12) d. (0, 10) e. (4, 8) f. (2, 10) 7.
22. Suppose that the feasible region of a maximization LP problem has corners of (0,0), (10,0), (5,5), and (0,7). If profit is given to be $X + $3Y what is the maximum profit the company can earn? Part 2 A. $10 B. $0 C. $14 D. $21 E. $15
4. Consider the following linear programming problem: Maximize Z=$15x + $5y, subject to (1) 2x + y ≤ 10 and (2) 4x + 3y ≤ 24 and (3) x, y ≥ 0. Will the optimal solution change if the objective function becomes Maximize Z=$15x + $20y (constraints remain the same)? Select one: a. Can't determine given the information. b. Yes, it will change. c. No, it remains the same.
b) Maximize Z = −40X1 −100X2s.t 10X1 + 5X2 ≤ 2502X1 + 5X2 ≤ 1002X1 + 3X2 ≤ 90X1, X2 ≥ 0Solve by simplex method, what are the solutions? Show that this problem hasmultiple solutions and find the solutions?
b) Consider the LP below:Solve using the big M- methodMinimize Z = 20X1 + 10X2s.t X1 + 2X2 ≤ 403X1 + X2 ≥ 304X1 + 3X2 ≥ 60X1, X2, ≥ 0
1. Given the following linear programming model: Minimize Z = 480x1 + 160x2 subject to x1 + x2 >= 40 x1 + 4x2 >= 60 3x1 + x2 >= 60 x1 >= 0, x2 >= 0 a. Solve the LP model graphically and explain the solution result. b. Develop a spreadsheet model and solve using Excel Solver. What is the optimal solution? 2. Provident Capital Corp. specializes in investment portfolios designed to meet the specific risk tolerances of its clients. A client contacted Provident with P2,000,000 available to invest. Provident’s investment advisor recommends a portfolio consisting of two investment funds: the Dynamic fund and the Diversified fund. The Dynamic fund has a projected annual return of 10%, and the Diversified fund has a projected annual return of 8%. The investment advisor requires that at most P1,400,000 of the client’s funds should be invested in the Dynamic fund. Provident’s services include a risk rating for each investment alternative. The Dynamic…
Example 1. The Big M Method solve LP with mixed constraints Minimize: Z = 4x1 + 2x2 + x3 Subject to: 2x1 + 3x2 + 4x3 ≤ 14 3x1 + x2 + 5x3 ≥ 4 x1 + 4x2 + 3x3 ≥ 6 x1, x2, x3≥ 0
Suppose Jack like to solve the following formulation in Excel. And the problem is setup in Excel like this: See attached picture. A B C D E 1 X1 X2 2 decision variable objective 3 coefficient of objective function 2 3 4 Constraints LHS RHS 5 Constraints 1 2 1 3 6 Constraints 2 4 5 20 7 Constraints 3 2 8 16 8 Constraints 4 5 6 60 We want to put our objective function in cell D3. What should we type in D3? In cell D5 to D8, we will put the left hand side of our constraint. What should we type in D8? In OpenSolver, what should we assign to Variable Cell? What should you do to input the non-negativity constraint in OpenSolver?

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