Question number 1. Using excel solver, solve the following LP problem. xnumber of tables to be made x2 number of chairs to be made X3 number of TV stands to be made Maximize Profit (Z)=50x +30 x2 Subject to 10 x, (currency used is in dollars) 7x+3x+2x3 S 28 Maximum availability of wood 2x + 4x2 + 1x3 38 Maximum availability of fiber X1 3 Min demand for table X2 S7 Max demand for chairs X1, X2, X3 20 (Non-negativity constraint) Note that fractional values for the variables are acceptable. Use two decimal places to provide answers to questions through 8 1. Generate Input Sheet 2. Answer report 3. Sensitivity report Each of the following questions carries three marks 5 marks 7.5 marks 7.5 marks 5*4-20 marks 4. What is the reduced cost of TV stands? How do you compute this value from the outputs? Show your calculation. What is the significance of this value in the context of the business? 5. The shadow price of wood, the current value and a decrease of up to is valid for an increase of up to units. units from 6. What is the new profit if the profit from the table is increased by $5 and the chair is reduced by $2? Show all your steps and explanation 7. What is the new profit if you add 4 units wood and 4 units of platinum? 8. We currently pay $25 per unit of wood. A new supplier is ready to provide wood for 27 per unit. If we plan to buy an allowable increase, what will be the new profit?