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For each linear programming problem below, define the decision variables, state the objective, and state the constraints. 1. Treasure Cove is a resort land development near Myrtle Beach, South Carolina. The primary market for lots is within 200 miles of Myrtle Beach, an area served by four radio stations. The LeBron Agency has been asked to put together a radio promotional campaign. The agency has retained you as a consultant to help allocate the clients advertising budget - $5,000 in this case among the four stations. Here are data on cost per ad, availability of ads, and the National Radio Associations listener count per station. Cost per 30-sec. ad $60 74 46 52 Maximum no. of spots available next month 34 29 44 30 NRA listener count 32,000 45,000 14,000 20,000
WFRA (Columbia, SC) WSMB (Charleston, SC) WKYT (Florence, SC) WLAW (Myrtle Beach, SC)
The Carmello Agency wants an allocation of the budget among the four stations that will achieve the highest possible total listener count for next month consistent with the clients budget. 2. Carolina Health Services, Inc., is a clinic specializing in four types of patient care: cosmetic surgery, dermatology, knee-replacement surgery, and back surgery. It has been determined from past records that a patient in each of these specialties contributes to the profit of the clinic as follows: cosmetic, $200; dermatology, $150; kneereplacement, $150; and back surgery, $250. The clinic has contracted with you to provide a weekly patient processing system. You have been able to determine the following time requirements and limitations: Hours required/patient Specialty Cosmetic Dermatology Knee Replacement Back surgery Total hours available per week with present staff and Lab 5 5 2 4 200 X-ray 2 8 1 5 140 Therap y 1 10 0 8 110 Surger y 4 8 16 10 240 Physician s 10 14 8 12 320
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facilities The physicians have access to as many of each type of patient as they wish. However, the physicians have limited their cosmetic and kneereplacement practice to a combined total of no more than 120 hours a week. Find the optimal patient mix on a weekly basis, i.e. the mix that contributes the most profit. The Township Machine Company is planning to add a new product line and wants to hire some experienced machinists. The local union hall has advised Township that machinists are categorized in one of three skill levels: expert, normal, and apprentice. An expert machinist has at least 10 years of experience and is able to produce 20 pieces a day. A normal machinist must have 6 years of experience and can produce 16 pieces a day. An apprentice machinist must have at least a year of experience and can produce 12 pieces a day. The Township Companys union contract calls for wage scales of $80, $60, and $40 per day for the three skill levels. Currently, there are at most 2 expert machinists, 7 normal machinists, and 9 apprentice machinists available for hire. Township has budgeted $4,000 per 5-day week for machinists salaries to manufacture its new product. Township would like to hire a complement of new workers which will yield the highest output rate, but would like to keep both the union and present employees happy by ensuring that the total experience of the workers hired represents a seniority level of at least 60 worker-years. Find the number of machinists of each category that Township should hire to maximize its expected output rate. Sailcraft, Inc., is a builder of sailboats in New Bern, North Carolina. The company currently offers three models: the Adventurer (32 feet), the Explorer (42 feet), and the World Cruiser (50 feet). There is currently a large backlog of orders. The production process has 3 steps and the number of worker-days * required for each step for the three models is as follows: Forming , fiberglas s 60 100 200 Wood trim, hull, and cabin 100 240 360 Outfitting, rigging, and sails 80 100 160
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4.
Past profits lead to these expectations of profit: Adventurer, $7,500; Explorer, $15,000; World Cruiser, $30,000. Sailcraft currently employs 15 persons in fiberglass forming, 30 in wood trim, and 15 in outfitting. 3
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Each worker is on the job 200 days a year. With this capacity, determine Sailcrafts optimal product mix, i.e. the mix that maximizes total profit. A worker-day is one person working one day. So, for example, 12 people working 20 days each would be 12 x 20 = 240 worker-days.
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5.
North Carolina State Bank is doing funds planning for next year. The bank has essentially five different funds uses, each with a different rate of return, as follows: Signature Loans (unsecured) Installment loans on vehicles (secured with a lien on the vehicle) Home improvement loans (secured with a second deed of trust) Miscellaneous installment loans (secured with liens) U.S. government securities 21% 18% 16% 16% 12%
State banking regulations impose a number of constraints on North Carolina State Banks investment portfolio: 1. 2. 3. 4. Signature loans may not exceed 10 percent of total loans. Home improvement loans may not exceed 50 percent of total secured loans. Signature loans may not exceed the amount invested in U.S. government securities. The amount invested in U.S. government securities may not exceed 40 percent of total money invested.
State Bank has $25 million to invest next year and wishes to maximize the total return on its investment portfolio consistent with banking regulations.