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.