please answer question 8

Question number 1. Using excel solver, solve the following LP problern. x1-number of tables to be made x2= number of chairs to be made x3= number of TV stands to be made Maximize Profit (Z)=50x1+30x2+10x3 (currency used is in dollars) Subject to 7x1+3x2+2x328 Maximum availability of wood 2x1+4x2+1x338 Maximum availability of fiber x13Min demand for table x27 Max demand for chairs x1,x2,x30 (Non-negativity constraint) Note that fractional values for the variables are acceptable. Use two decimal places to provide answers to questions 44 through 8 1. Generate Input Sheet 2. Answer report 3. Sensitivity report 5 marks 7.5 marks 7.5 marks 54420 mark Each of the following questions carries three marks 4. What is the reduced cast of TV stands? How do you compute this value from the outputs? Show your calculation. What is the significance of this value in the context of the business? 5. The shadow price of wood, is valid for an increase of up to the current value and a decrease of up to units. units from 6. What is the new profit if the profit from the table is increased by S5 and the chair is reduced by $2 ? Show all your steps and explanation 7. What is the new profit if you add 4 units wood and 4 units of platinum? 8. We currently pay $25 per unit of wood. A new supplier is ready to provide wood for 27 per unit. If we plan to buy an allowable increase, what will be the new profit