Question
A public storage company needs to decide how many large storage units and how many small storage units to build to maximize the total rent
A public storage company needs to decide how many large storage units and how many small storage units to build to maximize the total rent earned per month.
Each large storage unit occupies a space of 150 square feet and a small storage unit is 50 square feet in size.
The rent price of a large storage unit is $100 per month while that for a small unit is $50 per month.
There are two restrictions:
First, the total number of units (i.e., sum of large and small units) cannot exceed 125 units (i.e., needs to be <= 125).
Second, the storage units will be in a building 10,000 square feet in size. Therefore, the total square feet of these large and small units cannot exceed 10,000 square feet.
Create two worksheets in Excel. Name the first sheet as "Math" and put down the math model in it. Name the second sheet as "Solver". In the second sheet, translate the Math model to Excel model and use Solver to find the optimal solution. Attach Excel file here.
Please I need step by step in excel and examples.
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