65 Choosing R&D Projects: Texas Electronics Company (TEC) is contemplating a research and development program encompassing eight major projects. The company is constrained from embarking on all of the projects by the number of available scientists (40) and the budget available for projects ($300,000). In the following are the resource requirements and the estimated profit for each project. Project Expense (S000) Scientists Required Profit (3000) 36 82 110 53 47 92 85 73 16 56 61 48 41 a) What is the maximum profit, and which projects should be selected? (b) Suppose that projects 2 and 5 are mutually exclusive. That is, TEC should not undertake both. As a result, what is the revised project portfolio and the revised maximum profit? (c) In addition, suppose that projects 5-8 involve consumer products and that management decides to undertake at least two of those. As a result, what is the revised project portfolio and the revised maximum profit