A boutique furniture maker creates high-end tables and chairs. Each piece must be made entirely out...
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A boutique furniture maker creates high-end tables and chairs. Each piece must be made entirely out of mahogany or entirely out of walnut. A total of 50,000 board feet of mahogany and 40,000 board feet of walnut are available. A table requires either 34 board feet of mahogany or 60 board feet of walnut, and a chair requires either 10 board feet of mahogany or 26 board feet of walnut. Each table can be sold for $2000, and each chair for $600. Create an Excel spreadsheet that solves the model given the provided information. Be sure to include in your report a summary of the decision variables used and a formulation of your model. Discuss how this situation might be improved. Next tweak your model with the following new information. A shortage of mahogany means the amount available has dropped to 20,000 board feet. As a result, the price of each mahogany table as increased to $3000 and each mahogany chair to $800. How does this impact the results of the model? Do you see any issues with these results? A boutique furniture maker creates high-end tables and chairs. Each piece must be made entirely out of mahogany or entirely out of walnut. A total of 50,000 board feet of mahogany and 40,000 board feet of walnut are available. A table requires either 34 board feet of mahogany or 60 board feet of walnut, and a chair requires either 10 board feet of mahogany or 26 board feet of walnut. Each table can be sold for $2000, and each chair for $600. Create an Excel spreadsheet that solves the model given the provided information. Be sure to include in your report a summary of the decision variables used and a formulation of your model. Discuss how this situation might be improved. Next tweak your model with the following new information. A shortage of mahogany means the amount available has dropped to 20,000 board feet. As a result, the price of each mahogany table as increased to $3000 and each mahogany chair to $800. How does this impact the results of the model? Do you see any issues with these results?
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Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
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