Reference no: EM131236952
Set up and solve in Excel Solver the following problems:
A company is considering various advertising media to promote its new toy. Pertinent information regarding potential customers reached and costs per advertisement is given below:
No. of Customers Maximum Times Cost per
Media Reached Available per Month Advertisement
Daytime TV 1000 10 $2000
Evening TV 3000 8 $3500
Daytime Radio 500 15 $1000
Evening radio 750 15 $1500
Newspaper 900 4 $500
Currently, the company has a monthly advertising budget of $150,000. The marketing department has imposed the following restrictions:
• No more than $20,000 may be spent on radio advertising each month.
• At least 5 TV ads must be used each month.
Write the linear programming formulation to determine what media should be used to maximize monthly audience exposure.
|
Quantity and quality of persons efforts may be in conflict
: When the output is a service rather than a good, it sometimes is difficult to quantify this service. Furthermore, the quality of a service is often as important (if not more important) than the quantity. And in many cases, labor time spent with a cus..
|
|
What fraction of total variation in quantity demand of good
: An MBA student has proposed the following demand equation for good Y. QdY = a + b PY + c M where: QdY = quantity demanded of good Y in millions of tons per year PY = Price of good Y in dollars per ton M = Average consumer income in thousands of dolla..
|
|
Index of globalization
: The KOF Index of Globalization, provided by the KOF Swiss Economic Institute, measures globalization on economic, social, and political dimensions. Provide a brief description of this index and its ranking. Specifically, what factors are considered i..
|
|
The cross-price elasticity of demand between product
: You are the manager of a firm that receives revenues of $60,000 per year from product X and $100,000 per year from product Y. The own price elasticity of demand for product X is -2.75, and the cross-price elasticity of demand between product Y and X ..
|
|
Considering various advertising media to promote its new toy
: A company is considering various advertising media to promote its new toy. Write the linear programming formulation to determine what media should be used to maximize monthly audience exposure.
|
|
Explain the theoretical reasoning why economists suspect
: Explain the theoretical reasoning why economists suspect that hospitals with different ownership forms will behave differently with respect to price, quality and access. Also explain some of the reasons why most empirical studies have not found any s..
|
|
Physician services as monopolistically competitive market
: Explain the market for physician services as a monopolistically competitive market (rather than a purely competitive or a purely monopolistic market). How does the price in such a market compare with the two “extreme” cases of pure competition or pur..
|
|
Marginal product of labor equals
: A firm is producing optimally (maximizing profits) when the price level = $1. It pays a wage rate of $10 per hour to labor and rents capital for $8 per hour. It sells its product for $20 per unit. At its current production point we can assume that it..
|
|
Production function with constant returns to scale for firm
: In a Cobb-Douglas production function with constant returns to scale for a firm that produces using only labor and capital, if the share of income that goes to labor is 42%, what does alpha equal? Consider the production function graphed with output ..
|