Question 3 Not yet graded ! 6.65 pts Nicholas Potter is running for ofce and is about to begin an advertising campaign promoting his election manifesto and agenda. Each TVad costs $10.000, while each newspaper ad costs $4.000. Nick has set the following goals. in rank order: Rank 1: The total advertising budget of 5240.000 should not be exceeded. There is no wav he can spend more than this budget allocation. Rank 2: There should be at least 10 Wads and at least 20 newspaper ads. Rank 3: The total number of people reached by the ads should be at least 9 million. Each television spot reaches approximatelv 300,000 people. A newspaper advertisement is read by about 150,000 people. Set up and solve this goal programming problem to nd out l'lDw many:r of each type of" ad Nick should place. 3. Write down the objective function if all goals were equally important. Also, write the constraints. b. Solve using weighted method assuming equally important goals. a. How maanllfI ads should Nick Eluv? b. How manv newspaper ads should Nick buv? c. Solve using Rank method- a. Hovlr maan'v' ads should Nick buy? b. How many Newspaper ads should Nick buv? c. How much monev is going to be spent For this? {1. Which goals are fully satisedfmet? e. Is there a goal that is under-achieved? If yes. which ones? Write down the objective functions and constraints for the problem. Then, solve using excel. How many of each type of tools should be manufactured by herself and how many of each type should be outsourced to maximize prot. Process Tool A Tool B Tool C Tool D Hours Cost per Available hour m 0.45 son Hardening 0.24 0.33 300 Deburring 0.25 0.25 310 Hints for Q3: Let your choice variables be AM. BM, CM. DM. A0, BO. C0. DC where the rst letter indicates the type of tool and the second letter indicates if it is to be manufactured or outsourced. I am showing you one way of formulating the profit function here. There are other ways of solving the problem. You don't have to follow these hints. Prot= 12.5IC}EAM+AO]+ 15.60!:BM+BO]+17.4D[CM+CD}+19.30[DM+ DO]7.lUI[A0J-8.10I:BDlB Now carefully formulate the constraints. You can simplify the algebra before taking it to Final Shadow Constraint Allowable Allowable Constraint Value Price R.H.5icle Increase Decrease Constraint 1 15 3.33 15 9 4.5 Constraint 2 12 13.33 12 0.159 4.5 Constraint 3 42 0 45 1E+30 3 If the RHE value of Constraint 1 increases by 4 and the HHS value of the Eanstraint 2 decreases by 3-J are the shadow prices mentioned in the table valid for such simultaneous changes? rf yes, what is the new value ofthe objective function? Use the 100% rule and Slim\" your work