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Problem 2. Lakeside Boatworks is planning to manufacture three types of molded fiberglass boats. The estimated selling price and variable cost for each type of

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Problem 2. Lakeside Boatworks is planning to manufacture three types of molded fiberglass boats. The estimated selling price and variable cost for each type of boat are summarized in the following table: Boat Bass Variable Cost $12,500 $8,500 $13,700 Selling Price $23,000 $18,000 $26,000 Ski Speed The company wants to determine the number of boats of each type that it must sell to break even while minimizing its total variable cost. In doing so, consider the following constraints: The company has incurred a fixed cost of $2,800,000 to set up its manufacturing operation. Lakeside has entered into agreements with several boat dealers to provide a minimum of 70 bass boats, 50 ski boats, and 50 speedboats. The company is unsure about demand, so it has decided to limit production to no more than 120 of any one boat. To help the company, complete the following tasks: a) Formulate a linear optimization model to solve the firm's problem into an Excel sheet. Find the optimal solution to your problem using Solver (from Excel) and explicitly write the answer (optimal objective value and optimal number of each type of boat to sell) on your Excel file

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