Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

More Linear Programming Applications

Solve the following optimization problems using the Solver:

1) The demand for ice cream during the three summer months (June, July, and August) at All-Flavors Parlor is estimated at 300, 400, and 500 20-gallon cartons, respectively.  Two wholesalers, 1 and 2, supply All-Flavors with its ice cream.  Although the flavors from the two suppliers are different, they are interchangeable.  The maximum number of cartons either supplier can provide is 270 per month.  Also, the prices the two suppliers charge change from one month to the next according to the following schedule.

 

Price per carton in month

 

June

July

August

Supplier 1

$80

$95

$102

Supplier 2

$103

$89

$93

To take advantage of price fluctuation, All-Flavors can purchase more than is needed for a month and store the surplus to satisfy the demand in a later month.  The cost of refrigerating an ice-cream carton is $2 per month.  It is realistic in the present situation to assume that the refrigeration cost is a function of the average number of cartons on hand during the month.  Develop a model to determine the optimum schedule for buying ice cream from the two suppliers.  Specifically, this will be a written model with well-defined decision variables (for example, look at the model on page 41 in the textbook for an example).  Next, find the optimum solution using Excel's Solver tool.

2) A large store operates 7 days per week.  The manager estimates that a minimum number of salespersons required to provide prompt service is 14 on Monday, 20 on Tuesday, 23 on Wednesday, 30 on Thursday, 40 on Friday, 36 on Saturday, and 30 on Sunday.  Each salesperson works 5 days per week, with two consecutive off-days staggered throughout the week.  For example, if 10 salespersons start on Monday, 2 can take their off-days on Tuesday and Wednesday, 5 on Wednesday and Thursday, and 3 on Saturday and Sunday.  How many salespersons should be contracted, and how should their off-days be allocated?  Develop a model to determine the optimum schedule.  Specifically, this will be a written model with well-defined decision variables (for example, look at the model on page 41 in the textbook for an example).  Next, find the optimum solution using Excel's Solver tool.

3) The city of Madison is embarking on an urban renewal project that will include lower- and middle-income row housing, upper-income luxury apartments, and public housing.  The project also includes a public elementary school and retail facilities.  The size of the elementary school (the number of classrooms) is proportional to the number of pupils, and the retail space is proportional to the number of housing units.  The following table provides the pertinent data of the situation:

 

Lower income

Middle income

Upper income

Public housing

School room

Retail unit

Minimum number of units

100

125

75

300

 

0

Maximum number of units

200

190

260

600

 

25

Lot size per unit (acre)

0.05

0.07

0.03

0.025

0.045

0.1

Average number of pupils per unit

1.3

1.2

0.5

1.4

 

 

Retail demand per unit (acre)

0.023

0.034

0.046

0.023

0.034

 

Annual income per unit ($)

7000

12,000

20,000

5000

----

15,000

The new school can occupy a maximum space of 2 acres at the rate of at most 25 pupils per room.  The operating annual cost per schoolroom is $10,000.  The project will be located on a 50-acre vacant property owned by the city.  Additionally, the project can make use of an adjacent property occupied by 200 condemned slum homes.  Each condemned home occupies 0.25 acres.  The cost of buying and demolishing a slum unit is $7000.  Open space, streets, and parking lots consume 15% of total available land.

Develop a model to determine the optimum schedule.  Specifically, this will be a written model with well-defined decision variables (for example, look at the model on page 41 in the textbook for an example).  Next, find the optimum solution using Excel's Solver tool.

Discrete Optimization

Solve the following problems by first determining the model  (on paper; written/typed), and then enter this model into Excel and use the Solver to calculate the optimal solution.  Be sure to write/type a short summary explaining what your solution means.

1) Consider the following two groups of words:

Group 1

 

Group 2

AREA

 

ERST

FORT

 

FOOT

HOPE

 

HEAT

SPAR

 

PAST

THAT

 

PROF

TREE

 

STOP

All the words in groups 1 and 2 can be formed from the nine letters A, E, F, H, O P, R, S, and T.  Develop a model to assign a unique numeric value from 1 to 9 to these letters such that the difference between the total scores of the two groups will be as small as possible. [Note: The score for a word is the sum of the numeric values assigned to its individual letters.]  Hint:  Remember to use the AllDifferent constraint in the Solver.  Do a google search for 'AllDifferent Constraint' if you need more help with this time-saving tool.  Also, to earn full points on this problem, you must have an objective function that will be minimized.  Do not use the Solver to solve for an exact value.

2) You have a 4x4 grid and a total of 10 tokens.  Use ILP to place the tokens on the grid such that each row and each column will have an even number of tokens.

3) A widely -circulated puzzle requires assigning a single distinct digit (0 through 9) to each letter in the equation SEND + MORE = MONEY.  Formulate the problem as an integer program and then find a solution.

4) Search through puzzle or brain-teaser books, magazines, websites, publications, etc.  Find a problem that could be solved with these ILP methods.  Clearly explain what the problem is that will be solved and then solve this problem.  As with previous problems you will submit a written model, a Solver model, as well as a summary of whether the Solver found the optimal solution.  Each group will only need to find and solve one brain-teaser.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91644014

Have any Question?


Related Questions in Accounting Basics

Question - client - jacob zuzejacob commenced to trade on 1

Question - Client - Jacob Zuze Jacob commenced to trade on 1 September 2017 and prepared the first set of accounts for the sixteen months period ended 31 December 2018. Your firm advised Jacob to register for Value Added ...

Assessment - portfolio group cvp and budget reportinvestors

Assessment - Portfolio: Group CVP and Budget Report Investors and creditors frequently use CVP Analysis to screen business plans by evaluating a firm's cost structure and sales volume needed to generate profit. Suppose y ...

Question - domingo entity entered into a contract to

Question - Domingo Entity entered into a contract to exchange a liability. However, this particular liability does not have a quoted price in Domingo's principle market. Sabado Entity holds an asset similar to the liabil ...

Question 1 auditor accountability please respond to the

Question: 1. Auditor Accountability" Please respond to the following: • Use the Internet or Strayer Library to research a publically traded company that received an unqualified audit report from external auditors and fac ...

Question - the records of riverbeds boutique report the

Question - The records of Riverbed's Boutique report the following data for the month of April. Sales revenue$100,100 Purchases (at cost) $47,400 Sales returns 1,900 Purchases (at sales price) 95,300 Markups 9,500 Purcha ...

Question - presented here are the original overhead budget

Question - Presented here are the original overhead budget and the actual costs incurred during April for Piccolo, Inc. Piccolo's managers relate overhead to direct labor hours for planning, control, and product costing ...

Question - santana rey created business solutions on

Question - Santana Rey created Business Solutions on October 1, 2015. The company has been successful, and Santana plans to expand her business. She believes that an additional $86,000 is needed and is investigating thre ...

Question develop a company and determine what it will

Question: Develop a company and determine what it will produce and sell. The requirement for this company is that it be a high-end, special-order type of manufactured product. Complete the following in a Word document of ...

Question - what is the present value on january 1 2016 of 7

Question - What is the present value on January 1, 2016, of 7 equal future annual receipts of $30,000 if the first receipt is received on January 1, 2016, and the interest rate is 10% compounded annually?

Question - seven star corporation purchased a piece of

Question - Seven Star Corporation purchased a piece of equipment at the beginning of 2012. The equipment cost $140,000. Its estimated service life is 8 years and has an expected salvage value of $8,000. The sum-of-the-ye ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As