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Please use a separate Excel workbook for this problem. Name the Excel workbook as follows: Your last name_Problem3. For example, your instructor would name it
Please use a separate Excel workbook for this problem. Name the Excel workbook as follows: Your last name_Problem3. For example, your instructor would name it as follows: Jance_Problem3. Your company is considering seven new products (A, B, C, D, E, F, and G). There is a capacity constraint for each product and a setup cost is incurred if the product is produced. The company wants to determine which products to produce in order to maximize net profit. The net profit is defined as total profits for the products produced - total setup costs incurred. The company wants to limit setup costs to no more than $12,000 and all products produced need to be integers. Here are the setup costs, profit per unit, and capacity constraints for the products. 1) Write out the mathematical model for this problem. Be sure to include the objective function, decision variables, and constraints. 2) Setup the integer and binary linear programming model in Excel to determine which products to produce and the total net profit. Use Solver to find the optimal solution
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