2. You manage a production line that operates using a monthly production cycle. There are five different products that could be made this month. However, you only have 500 hours of line capacity, so you must be careful which products you select to make in the production cycle. Making a product incurs two types of setup costs: (1) a material tear down cost (measured in dollars) and (2) downtime for line preparation (measured in hours). Any quantity up to the forecasted monthly demand can be sold. Additional production details are given in the table below: F Product 1000 units Product 2 1100 units Products 1700 units Product 4 Tou units Product 5 1500 units $150 $175 $165 $200 32225 360 70 360 3100 3110 Monthly Demand Revenue (per unit) Production Cost (per unit) Set Up Cos! Set Up Time Production Time (per unit) STUUUU 25 hrs 1 hrs 315000 15 hrs 12 hrs $25000 Ohrs 13 h STUUUU 10 hrs 15 hrs 35000 30 hrs 16 hrs Based on this information, design a monthly production schedule to maximize monthly profit. Your solution should identify which products to make and the quantities of each. (Assume the line is not currently set up to make any of these products: Set Optimality Gap to.1%) b. If you could go to a two-month production cycle with the same monthly demands and the same monthly capacity, would you select different products and quantities? (Again assume the line is not currently set up to make any of these products; Set Optimality Gap to.1%) 3. Revisit the Bob Jones Home problem. Suppose Bob decides that in addition to the constraints in the original problem, he does not want to pick a particular design unless he builds a minimum threshold quantity. Those thresholds are 20 for each of designs 1. 2 and 3: 15 for each of designs 4 and 5, and 10 for each of designs 6 and 7. Formulate a new model that helps Bob choose what designs to build and how many of each. Solve it in Excel and report your new solution and minimum cost. Use the smallest optimality gap you can (this should be enlightening)