Exam 8: Evolutionary Solver: An Alternative Optimization Procedure

Exhibit 8-3 A gourmet snack company is seeking assistance with its pricing strategy.  Information about market size and customer sensitivity to price for the three market segments are provided below. -Refer to Exhibit 8-3.Given that the unit cost of the gourmet snack is $2.50,use a two-part tariff price model and evolutionary solver to determine the best pricing strategy.

Evolutionary Solver is primarily used to solve models where:

Exhibit 8-3 A gourmet snack company is seeking assistance with its pricing strategy.  Information about market size and customer sensitivity to price for the three market segments are provided below. -Refer to Exhibit 8-4.Suppose Steve moves to Los Angeles.What is the shortest distance in this case

Exhibit 8-1 Six storage bins on a railroad train are available for shipment of grain from Kansas City to Dallas. Three of the bins can hold 1500 bushels of grain each, while the other three can hold 750 bushels each. There are four types of grain that can be shipped, and the amount demanded, unit shortage cost and maximum allowable shortage for each are: If the maximum allowable shortage is exceeded for any grain, a $100/bushel penalty is incurred. -Refer to Exhibit 8-1.This is an example of what type of optimization problem

Which of the following is not one of the Excel functions that necessitate the use of Evolutionary Solver to obtain solutions

Which of the following is true regarding Evolutionary Solver

Exhibit 8-1 Six storage bins on a railroad train are available for shipment of grain from Kansas City to Dallas. Three of the bins can hold 1500 bushels of grain each, while the other three can hold 750 bushels each. There are four types of grain that can be shipped, and the amount demanded, unit shortage cost and maximum allowable shortage for each are: If the maximum allowable shortage is exceeded for any grain, a $100/bushel penalty is incurred. -Refer to Exhibit 8-1.How should the train be loaded to minimize shortage and penalty costs

Crossovers are rare as a genetic algorithm is generating chromosomes for the next generations.

Exhibit 8-2 A television station has commercials of the following lengths (in seconds): 15, 20, 25, 30, 40, 45, 50, and 60. The commercials must be assigned to 90-second breaks. If a commercial break exceeds 90 seconds, a penalty cost is incurred. Station managers have established a penalty of $100 (per second) if the maximum limit is exceeded. Moreover, station owners want commercial breaks that are at least 65 seconds in duration. If any break fails to achieve this minimum duration, then a $1000 penalty (per occurrence) is charged. -Refer to Exhibit 8-2.What is the fewest number of breaks that are needed to air all eight of the commercials

If you let a genetic algorithm run long enough,it is guaranteed to find the solution to any optimization problem.