Question
this is an excel problem. give a step by step solution for each step please. if you can show the formulas. To make a little
this is an excel problem. give a step by step solution for each step please. if you can show the formulas.
To make a little extra money while you are waiting on summer job offers, you have found access to some free reclaimed wood, tools, nails, sandpaper, and other supplies. The only material item in short supply is the wood - only 1100 linear feet are available.
Being an entrepreneur, you decide to make nightstands, coffee tables, and dining tables. Nightstands take 12 linear feet of wood, coffee tables, require 24 linear feet of wood, and dining tables, require 48 linear feet of wood. You have 1100 linear feet of wood.
Nightstands need 3 hours of labor to construct, while coffee tables need 6 hours of labor, and dining tables need 12 hours of labor. You can offer up to 250 available hours of labor as you will work diligently over the next month. After that, you expect to be starting a job full time.
Based on the market, you believe that you can sell the nightstands for $90, coffee tables for $150, and dining tables for $400. Note that there are no other direct costs, so this revenue is your profit.
You believe that you will sell at least twice as many coffee tables as nightstands. You believe that the sum of nightstands and coffee tables will equal or exceed the number of dining tables you can sell.
Your parents have limited space in their garage. They tell you that you can only store 30 pieces of furniture there.
a. Find the profit maximizing solution. (25 points)
b. How much will you end up earning per hour based on these numbers? Do you think it is a worthwhile venture? What could go wrong? Record your answer near the rest of the solution. (5 points)
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