A furniture manufacturer in Iron Bridge, Ontario has the capability to produce both chairs and tables....

 

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A furniture manufacturer in Iron Bridge, Ontario has the capability to produce both chairs and tables. Both products use the same materials (wood, nails and paint) and both have a setup cost ($100 for chairs, $200 for tables). The firm earns a profit of $20 per chair and $65 per table and can sell as many of each as it can produce. The daily supply of wood, nails and paint is limited. To help manage the decision-making process, a summer BBA student from Algoma University has formulated the following linear programming model: Algebraic model Max 20x1 +65x2-100y1-2002 s.t. 5x1 +10x2 100 (Constraint 1} 20x1+50x2 250 {Constraint 2} 1x1 +1.5x2 10 {Constraint 3} My12x1 (Constraint 4} My2x2 (Constraint 5} Yi = (1, if product jis produced 10, otherwise Required Set up the problem in Excel and find the optimal solution I Solver. What is the maximum profit possible? A furniture manufacturer in Iron Bridge, Ontario has the capability to produce both chairs and tables. Both products use the same materials (wood, nails and paint) and both have a setup cost ($100 for chairs, $200 for tables). The firm earns a profit of $20 per chair and $65 per table and can sell as many of each as it can produce. The daily supply of wood, nails and paint is limited. To help manage the decision-making process, a summer BBA student from Algoma University has formulated the following linear programming model: Algebraic model Max 20x1 +65x2-100y1-2002 s.t. 5x1 +10x2 100 (Constraint 1} 20x1+50x2 250 {Constraint 2} 1x1 +1.5x2 10 {Constraint 3} My12x1 (Constraint 4} My2x2 (Constraint 5} Yi = (1, if product jis produced 10, otherwise Required Set up the problem in Excel and find the optimal solution I Solver. What is the maximum profit possible?