Answer :
Solver will provide the optimal values for x1, x2, x3, x4, which represent the number of rental units of each type that should be included in the building plans to maximize the potential rental income.
Linear Programming Model:
Let x1 be the number of efficiencies,
x2 be the number of one-bedroom units,
x3 be the number of two-bedroom units,
x4 be the number of three-bedroom units.
Objective function: Maximize Z = 350x1 + 450x2 + 550x3 + 750x4
Subject to the following constraints:
Efficiency units: x1 >= 0
One-bedroom units: x2 <= 15
Two-bedroom units: x3 <= 22
Three-bedroom units: x4 <= 10
Total number of units: x1 + x2 + x3 + x4 <= 40
Total square footage: 50x1 + 700x2 + 800x3 + 1000x4 <= 40000
Spreadsheet Model using Solver:
Create a spreadsheet with the following columns:
A: Apartment Type
B: Number of Units
C: Square Footage
D: Rental Income
In the Apartment Type column (A), list the types of apartments: Efficiency, One-Bedroom, Two-Bedroom, Three-Bedroom.
In the Number of Units column (B), enter the variables x1, x2, x3, x4.
In the Square Footage column (C), enter the corresponding square footage values for each apartment type.
In the Rental Income column (D), calculate the rental income for each apartment type using the formula:
=Number of Units * Monthly Rent
Set up Solver by selecting the Objective cell (D), set it to Max, and select the changing cells (B2:B5) as the variable cells.
Set the constraints by adding the following constraints:
One-bedroom units <= 15
Two-bedroom units <= 22
Three-bedroom units <= 10
Total number of units <= 40
Total square footage <= 40000
Click Solve to find the optimal solution that maximizes the rental income.
Solver will provide the optimal values for x1, x2, x3, x4, which represent the number of rental units of each type that should be included in the building plans to maximize the potential rental income.
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