Question
I need to know how to set up the following in Excel in order to run a linear programming. I have the add ons to
I need to know how to set up the following in Excel in order to run a linear programming. I have the add ons to do it. Here is the problem.
Please apply Linear Programming to a following business scenario: A firm plans to use three different types of ads to attract potential customers to its product. The three ad choices are TV ads, Magazine ads, and Sunday Supplement. The following table shows the number of potential customers one ad can reach: TV Ads (TV) Magazine Ads (M) Sunday Supplement (SS) Number of Potential Customers Attracted per Ad 1,500 500 500 There are two categories of spending per ad as below ($, Thousands): Cost Per Ad ($Thousands) TV Ads (TV) Magazine Ads (M) Sunday Supplement (SS) Ad Budget 250 100 100 Planning Budget 100 50 50 There are following constraints: Total Ad Budget 3,500 Total Planning Budget 1,500 Total Number of TV Ads 5 Find the optimal numbers of TV ads, Magazine ads, and Sunday Supplement so that the total number of the potential customers attracted by these ads can be MAXIMIXZED. Use the associated EXCEL file to implement your linear programming procedures. When you run the linear programming, choose both Simplex LP and GRG Nonlinear Solving Method.
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