Formulate and solve a linear programming model

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A jewelry stores carries necklaces, bracelets, rings, and earrings.Necklaces take up 1 unit of space, while bracelets, rings, and earrings take up 2 units each.The store has 108 units of space available.

Necklaces take 3 minutes to set up. Bracelets take 5 minutes to set up.Earrings take 1 minute to set up.Total of 120 minutes of setup time is available.

Time spent on marketing materials cannot exceed 25 hours for necklaces and rings.Time spent on marketing materials cannot exceed 50 hours for bracelets, rings, and earrings.The profit contribution is $100 for necklaces, $120 for bracelets, $150 rings, and $125 for earrings.

Formulate and solve a linear programming model used to determine how many of each item should the jewelry store carry in order to maximize profit?

To what value can the profit on necklaces drop before the solution would change?

By how much can the profit on rings increase before the solution would change?

By how much can the amount of space decrease before there is a change in the profit?

You are offered the chance to obtain more space. The offer is for 15 units and the total price is 1500. What should you do?

Reference no: EM131843520

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