Answer :
To use Solver in Excel with the GRG Nonlinear setting, you can follow these steps to minimize cost for the given problem:
Set up your spreadsheet:
Create a column for the different products you produce.
Create a row for each cost associated with each product, such as production cost, transportation cost, etc.
Create a cell for the total cost.
Define the objective:
In a cell, enter the formula to calculate the total cost based on the volumes produced and associated costs.
This cell will be the objective that Solver will minimize.
Set up constraints:
Define the constraints based on the given problem.
For example, you may have constraints on the total volume that can be produced by the two trucks, or constraints on the maximum volume for each product.
Install Solver add-in (if not already installed):
Go to the "File" tab in Excel, select "Options," and then choose "Add-Ins."
In the Add-Ins window, select "Solver Add-In" and click "OK" to install it.
Launch Solver:
Go to the "Data" tab in Excel and click on "Solver" in the Analysis group.
The Solver Parameters window will appear.
Configure Solver parameters:
Set the "Set Objective" field to the cell containing the total cost.
Select "Min" in the "To" field.
Specify the cells and constraints for the "By Changing Variable Cells" field, which would be the volumes produced for each product.
Add any constraints based on the given problem.
Choose the GRG Nonlinear Solver:
In the Solver Parameters window, select the "GRG Nonlinear" solving method in the "Solving Method" drop-down menu.
Adjust the settings if necessary, such as maximum iterations or precision.
Run Solver:
Click "Solve" to run Solver and find the optimal solution.
Solver will adjust the volumes produced for each product to minimize the total cost while respecting the defined constraints.
Analyze the results:
After Solver completes, it will display a dialog box with the results, indicating if a solution was found.
Examine the volumes produced for each product and the minimized total cost to understand the optimal solution.
By following these steps, you can utilize Solver with the GRG Nonlinear setting to determine the correct volumes to be produced in order to minimize cost for the given problem in Excel.
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