Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I'm having trouble calculating the maximum profit in Excel with the following problem: Currently, my spreadsheet looks like this: Yet, it only seems to be

I'm having trouble calculating the maximum profit in Excel with the following problem:

image text in transcribed

Currently, my spreadsheet looks like this:

image text in transcribed

image text in transcribed

image text in transcribed

Yet, it only seems to be calculating the minimum number of ties and no profit. Can anyone help?

Product Mix: Acme Industries produces four types of men's ties using three types of material. Your job is to determine how many of each type of tie to make each month. I he goal is to maximize protit, profit per te = selling price - labor cost - material cost. Labor cost is $0.75 per tie for all four types of ties. The material requirements and costs are given below. Yards available Material Silk Polyester Cotton Cost per yard $20 $6 $9 er month 1,000 2,000 1,250 ype of Tie Product Information SilksPoly p Blend1 - Blend2EC elling Price per tie nthly Minimum units Monthly Maximum units 7,000 14,000 16,000 8,500 Type of Tie Material Information in ards Silk PolyesterBlend 1 Blend 2 (50/50)(30/70) Silk 0.125 Polyester 0.08 0.05 0.03 Cotton 0.05 0.07 Formulate the problem as a linear program with an objective function and all constraints. Determine the optimal solution for the linear program using any software you want. Include a copy of the code and output. What are the optimal numbers of ties of each type to maximize profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Database Concepts

Authors: David Kroenke, David Auer, Scott Vandenberg, Robert Yoder

9th Edition

0135188148, 978-0135188149, 9781642087611

More Books

Students also viewed these Databases questions

Question

Why do HCMSs exist? Do they change over time?

Answered: 1 week ago