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#1
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Using Solver
I want to use Solver to solve the following problem, but I can’t work
out how and its driving me crazy. I have to organise a prize giving dinner so I know I need to work out my expenses and make sure I cover those. I have to break even with 200 ticket sales, but I can sell a maximum of 300 tickets. Non members pay full ticket price and member pay 75% of the ticket price. Can someone explain to me how I can set the ticket price using solver? Thank you. LJK |
#2
Posted to microsoft.public.excel.worksheet.functions
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Using Solver
You need to create a structure like the one below. Then using solver you
set the target cell to the one with the total revenue (1625), you need to make it equal to the breakeven amount (5000) in this case, and by changing cells to the price (in this case 10). You will need to make an assumption on the number of member and non-member tickets that you will sell. The answer in this case will be 30.77 Price 10 Breakeven revenue 5000 Income per ticket Tickets sold Revenue Members 75% 7.5 150 1125 Non members 100% 10 50 500 Totals 200 1625 MVK www.tejniya.co.uk wrote in message ... I want to use Solver to solve the following problem, but I can't work out how and its driving me crazy. I have to organise a prize giving dinner so I know I need to work out my expenses and make sure I cover those. I have to break even with 200 ticket sales, but I can sell a maximum of 300 tickets. Non members pay full ticket price and member pay 75% of the ticket price. Can someone explain to me how I can set the ticket price using solver? Thank you. LJK |
#3
Posted to microsoft.public.excel.worksheet.functions
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Using Solver
The answer in this case will be 30.77
If you wish, with 150 members(Mem), and a Break Even (BE) of 5,000, then perhaps the equation is: BE=5000 Mem=150 ?(4*BE)/(800-Mem) 30.7692307692308 Probably the best solution is to not let any members in, and charge the full ticket price for non-members. Unless the op has another constraint in mind.... :) - - HTH Dana DeLouis mvk wrote: You need to create a structure like the one below. Then using solver you set the target cell to the one with the total revenue (1625), you need to make it equal to the breakeven amount (5000) in this case, and by changing cells to the price (in this case 10). You will need to make an assumption on the number of member and non-member tickets that you will sell. The answer in this case will be 30.77 Price 10 Breakeven revenue 5000 Income per ticket Tickets sold Revenue Members 75% 7.5 150 1125 Non members 100% 10 50 500 Totals 200 1625 MVK www.tejniya.co.uk wrote in message ... I want to use Solver to solve the following problem, but I can't work out how and its driving me crazy. I have to organise a prize giving dinner so I know I need to work out my expenses and make sure I cover those. I have to break even with 200 ticket sales, but I can sell a maximum of 300 tickets. Non members pay full ticket price and member pay 75% of the ticket price. Can someone explain to me how I can set the ticket price using solver? Thank you. LJK |
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