Question: Implement the linear optimization model that you developed for ColPal Products in Problem in Excel and use Solver to find an optimal solution. Interpret the Solver Answer report and identify the binding constraints and verify the values of the slack variables by substituting the optimal solution into the model constraints.

Problem: A brand manager for ColPal Products must determine how much time to allocate between radio and television advertising during the next month. Market research has provided estimates of the audience exposure for each minute of advertising in each medium, which it would like to maximize. Costs per minute of advertising are also known, and the manager has a limited budget of $25,000. The manager has decided that because television ads have been found to be much more effective than radio ads, at least 70% of the time should be allocated to television. Suppose that we have the following data:

Type of Ad                   Exposure/Minute                      Cost/Minute

    Radio                                      350                                     $400

      Tv                                         800                                     $2,000

a. Identify the decision variables, objective function, and constraints in simple verbal expressions.

b. Mathematically formulate a linear optimization model.