Store space allocation planning problem
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Hiland's TV-Radio Store must determine how many TVs and radios to keep in stock. A TV requires 10 square feet of floor space, whereas a radio requires 4 square feet of floor space; 5000 square feet of floor space is available. A TV sale results in an $80 profit, and a radio earns a profit of $20. The store stocks only TVs and radios. Marketing requirements indicate that at least 60% of all appliances in stock be radios. Finally, a TV ties up $200 in capital, and a radio $50. Hiland wants to have at most $60,000 worth of capital tied up at any time.
a. Formulate the linear programming problem
b. Solve using Excel Solver
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Solution Summary
The solution provides step by step guidance on how to formulate the problem mathematically. It includes a solution to the problem instance using Excel Solver.
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