Question Five 1- A fumiture manufacturer is deciding on tables and chairs produc

Question

Question Five 1- A fumiture manufacturer is deciding on tables and chairs production for the upcoming quarter. Each chair sold nets the manufacturer S20; each table makes $30 in profit. The manufacture has a supply of 500 board feet each week and 100 labor hours to allocate. Each chair takes 10 board feet of wood; each table takes 20 board feet. Each chair requires 4 labor hours; each table takes 2 hours of labor. The manufacturer wants to produce no more than 40 chairs and no more than 20 tables. What should the manufacturer do? Give the Decision Variables, constrains and the algebraic formulation of the above system finally find the optimal solution as LP problem?1 2- You are about to buy a house. Follow Simon's phase model and describe the activities at each steps. Explain the support given to decision makers in eachphase of decision process 3-In the well known financialpresent value model consider the following case study: The present value ofpayment of 100 000 EP, asume a 10 percent interest rate. Calculate the value afterthose five years.

Explanation / Answer

Data

Variables

C : no. of chairs to be manufacture

T : no. of tables to be manufacture

Constraints

1. C and T should be non-negative integer

2. less than 40 chair: C <= 40

3. less than 20 tables: T <= 20

4. total board to be used is less than 500: 10C + 20T < 500

5. total labor to be used is less than 100: 4C + 2T < 100

Objective

maximum net profit : maximize 20C + 30T

Solution

solved usin solver in excel

16 chairs and 17 tables should be manufactured.

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per iterm Type Optimal quantity Profit board labor Chair 16 20 10 4 Table 17 30 20 2

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