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Using the excel setup as shown, detail how to use the solver function in Excel to solve MS Excel Setup Decision variables: Number of units
Using the excel setup as shown, detail how to use the solver function in Excel to solve
MS Excel Setup Decision variables: Number of units to produce, D \& L. nObjective function: Maximize 1,500D + 2,500L -Maximizing revenue is maximizing profit in this example. Why not consider cost? Constraints: -Number of units for labor cannot exceed 4,000. -Units of labor needed =D+2L4,000 - Number of units for materials cannot exceed 6,000 . -Units of materials needed =3D+2L6,000 EWe can't produce negative amounts of D and L. (Non negativity) D0,L0 Find the optimal output combination given number of inputs fixed. (More realistic problem) Conditions 1. A PC company produces 2 products, Desktop and Laptop. 2. Both products require labor and parts. 3. There's enough demand for both products. - Let's not worry about demand. 4. To produce 1 desktop, 1 labor and 3 parts are required. 5. To produce 1 laptop, 2 labor and 2 parts are required. 6. You already hired 4,000 labor and 6,000 parts. 7. You already paid for labor and parts, which are non refundable. 8. Prices are given. Desktop is $1,500 and Laptop is $2,500. MS Excel Setup Decision variables: Number of units to produce, D \& L. nObjective function: Maximize 1,500D + 2,500L -Maximizing revenue is maximizing profit in this example. Why not consider cost? Constraints: -Number of units for labor cannot exceed 4,000. -Units of labor needed =D+2L4,000 - Number of units for materials cannot exceed 6,000 . -Units of materials needed =3D+2L6,000 EWe can't produce negative amounts of D and L. (Non negativity) D0,L0 Find the optimal output combination given number of inputs fixed. (More realistic problem) Conditions 1. A PC company produces 2 products, Desktop and Laptop. 2. Both products require labor and parts. 3. There's enough demand for both products. - Let's not worry about demand. 4. To produce 1 desktop, 1 labor and 3 parts are required. 5. To produce 1 laptop, 2 labor and 2 parts are required. 6. You already hired 4,000 labor and 6,000 parts. 7. You already paid for labor and parts, which are non refundable. 8. Prices are given. Desktop is $1,500 and Laptop is $2,500 Step by Step Solution
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