The Electrocomp Corporation manufactures two electrical products: air conditioners and large fans. The assembly process for each is similar in that both require a certain amount of wiring and drilling. Each air conditioner takes 3 hours of wiring and 2 hours of drilling. Each fan must go through 2 hours of wiring and 1 hour of drilling. During the next production period, 260 hours of wiring time are available and up to 160 hours of drilling time may be used. Each air conditioner sold yields a profit of $20. Each fan assembled may be sold for a $15 profit.

3.1. Formulate this LP problem.

3.2. Determine the highest profit.

3.3. Recalculate the max. profit taking into consideration the updated constraints, such as: 300 hours of wiring and 170 hours of drilling.

3.4 Explain which statistical approaches, covered during the course, can help to maximize the profit for the Electrocomp Corporation. List them and explain how they can be applied.