Each year, Paynothing Shoes faces demands (which must be met on time) for pairs of shoes as shown in Table 37. Workers work three consecutive quarters and then receive one quarter off. For example, a worker may work during quarters 3 and 4 of one year and quarter 1 of the next year. During a quarter in which a worker works, he or she can produce up to 50 pairs of shoes. Each worker is paid $500 per quarter. At the end of each quarter, a holding cost of $50 per pair of shoes is assessed. Formulate an LP that can be used to minimize the cost per year (labor 3 holding) of meeting the demands for shoes. To simplify matters, assume 3.11 Multiperiod Financial Models 105 that at the end of each year, the ending inventory is zero. (Hint: It is allowable to assume that a given worker will get the same quarter off during each year.) TAB LE 37 Quarter 1 Quarter 2 Quarter 3 Quarter 4 600 300 800 100