Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. A furniture manufacturer produces wooden tables and chair. Unit profit for table is $ 6 and unit profit for chair is $8. Assuming the

4. A furniture manufacturer produces wooden tables and chair. Unit profit for table is $ 6 and unit profit for chair is $8. Assuming the only to resources the company uses to produce tables and chairs are wood ( in term of board meters) and labor in term of (hours). It takes 3 board meters and 5 labor hours to make one table, while it takes two board meter and 10 labor hours to make one chair. There are 30 board meters of wood available and 110 hours of labor available. The company wishes to sell all of its tables and chairs in sets of one and four chairs each set. The company also wishes to allocate its limited resources to maximize profits.

A. Formulate the mathematical model for this problem.

B. Plot the feasible region and number the lines according to the constraints equation each one respects.

C. List the CPF solutions and their adjacent CPF solutions.

D. Calculate the profit amount for each feasible solution

E. Determine the optimal integer number of tables and chairs the manufacturer produce and sell to maximize its profits given its limited amount of resources.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Theory and Practice

Authors: Eugene F. Brigham, Michael C. Ehrhardt

16th edition

1337902608, 978-1337902601

More Books

Students also viewed these Finance questions