Reference no: EM133132498

Question - A farmer has 10 acres to plant in wheat and rye. He has to plant at least 7 acres. However, he has only $1200 to spend and each acre of wheat costs $200 to plant and each acre of rye costs $100 to plant. Moreover, the farmer has to get the planting done in 12 hours and it takes an hour to plant an acre of wheat and 2 hours to plant an acre of rye. If the profit is $500 per acre of wheat and $300 per acre of rye how many acres of each should be planted to maximize profits?

a) Define the problem and show objective function and constraints for optimization problem in Excel.

b) Solve the problem, using solver in Excel. Create your solver reports on your workbook.

c) The farmer considers planting 1 acre of barley, which costs $150 to plant and requires 3 hours to plant. If the profit from barley is $400 per acre, is it a profitable investment?

d) If not, what should be the minimum cost of barley planting? (Use goal seek)