Woodcut manufactures tables and chairs.Each table and chair must be made entirely out of oak or entirely out of pine.A total of 150 board feet of oak and 210 board feet of pine are available.A table requires either 17 board feet of oak or 30 board feet of pine, and a chair requires either 5 board feet of oak or 13 board feet of pine.Each table can be sold for $40 and each chair for $15.

Data shell on the M-drive: Ques 3 (Shell).

Remember to use good modeling practices as discussed in the class.

Required:

1.Determine how Woodco can maximize its revenue.

2.Perform a sensitivity analysis using the standard Excel-Solver reports and interpret the results for the reduced cost and the shadow price. (Please remember to provide a complete explanation for these parameters.)You should use a text box, in the worksheet showing the sensitivity report, for your explanation.(Ensure that the text box is no more than 5 columns in width.)