Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

KitchenAid is manufacturing a new Professional Salad Spinner machine. For summer 2021, they are planning a new campaign for a new product that will be

KitchenAid is manufacturing a new Professional Salad Spinner machine. For summer 2021, they are planning a new campaign for a new product that will be conducted in a limited geographical area, only LA County, and can use TV time, radio time, and newspaper ads. Information about each medium is shown below.

Medium Cost per Ad # Reached Exposure Quality

TV 500 10,000 30

Radio 200 3000 40

Newspaper 400 5000 25

If the number of TV ads cannot exceed the number of radio ads by more than 4, and if the advertising budget is $10,000, develop the model that will maximize the number reached and achieve an exposure quality of at least 1000. Show the LP program below, use Excel Solver to solve it.

What is the current optimal solution for their new advertising campaign?

Interpret the range of optimality for the number of TV ads

Interpret the shadow price for the budget constraint.

Interpret the range of feasibility for the budget constraint.

Interpret the reduced cost for the number of TV ads

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Modern Principles of Economics

Authors: Tyler Cowen, Alex Tabarrok

3rd edition

1429278390, 978-1429278416, 1429278412, 978-1429278393

Students also viewed these Economics questions