Consider a cost-benefit-trade-off problem formulate a

Question

Describe Cost-Benefit Trade-Off (Linear Programming).

Problem- Consider a cost-benefit-trade-off problem having the following data:

Benefit Contribution

Per Unit of

Each Activity

Minimum

Acceptable

Benefit 1 2 Level

1 5 3 60

2 2 2 30

3 7 9 126

Unit Cost $60 $50

Part 1- Formulate a linear programming model for this problem on a spreadsheet.

Part 2- Use Solver to find the optimal solution.

Part 3- Express the model in algebraic form.

Part 4- Use the graphical method to solve the problem.

I need help to explain cost benefit trade-off linear programming and compute the above problem.