eodf2034 is a company that is planning to use $225,000 in advertising. The company is considering...
eodf2034 is a company that is planning to use $225,000 in advertising. The company is considering Facebook and Instagram. The more the company uses a particular medium, the less effective is each additional ad. The table below shows the number of new customers reached by each ad.
| Number of Ads | New Customers | |
| 1-15 | 2,000 | |
| 16-25 | 1,600 | |
| 26-35 | 1,100 | |
| 1-9 | 20,000 | |
| 10-20 | 18,000 | |
| 21-35 | 14,000 |
Each Facebook ad costs $2,000, while each Instagram ad costs $5,000. At most, 45 Facebook ads and 30 Instagram ads can be placed.
1- Formulate a model to help the company maximize the number of new customers created by advertising.
Homework Answers
To reach the solution, we will use the GRG Non linear in excel solver. First of all, we will feed the data in excel.
Below mentioned data has been put in tabular form.
No we will create the solver model for GRG Non linear calculation.
First of all we will put the required number of add to be purchased as blank. For Facebook, number of adds will less than or equal to 45 and for instagram, it will be less than or equal to 30.
Then we will link the advertisement cost with number of add with formula as (Number of Add for facebook*cost per add of facebook + Number of Add for Instagram* cost per add of instagram)
No we will set our objective to maximize the number of customers for Facebook & Instagram with below mentioned formula.
For Facebook = IFERROR(IF(G3="","",IF(G3<=15,2000,IF(G3<=25,1600,1100)))*G3,"")
For Instagram = IFERROR(IF(H3="","",IF(H3<=9,20000,IF(H3<=20,18000,14000)))*H3,"")
For Total Customers = IFERROR(G12+H12,"")
Below the table with formula.
No we will define the constraint as mentioned below.
Now we will run the solver and it will yield the desired result. It will be mentioned below.
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